Post Brothers Inc. has paid $33.9 million to buy the ground underneath Presidential City, an apartment complex on the Philadelphia side of City Avenue.
Post Brothers bought
the 1,030-unit complex for $51 million in December 2012. The deal at the time
had the Brooklyn, N.Y., seller retaining the ground lease on the property,
which has tremendous redevelopment opportunity.
Matt Pestronk of Post Brothers confirmed the recent
transaction for the land.
The company has plans to launch a $100 million overhaul of the property’s four,
12-story buildings. Work includes re-skinning the façades and reconfiguring
portions of one of the structures fronting City Avenue for up to 70,000 square
feet of retail and amenity space.
Even though the property is highly visible and has
consistently maintained an occupancy rate of more than 90 percent, the complex
looks every bit of its age. It was constructed in the early 1950s.
Source: Philadelphia
Business Journal
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