Post Bros. acquires Apple Lofts warehouse redevelopment project in West Philly

Philadelphia’s Post Bros. property group has acquired the seven-story warehouse redevelopment project in West Philadelphia known as Apple Lofts, with plans for some 150 apartments in the 115,000-square-foot building.

Post Bros. purchased the property on 52nd Street south of Baltimore Avenue last week for $2.41 million from Iron Stone Strategic Capital Partners, also of Philadelphia, Ken Wellar, a managing partner at Rittenhouse Realty Advisors, which marketed the property, said in an email Monday.

“We really like the neighborhood and look forward to more projects there,” Post Bros. president Matthew Pestronk said in a separate email. “We are especially excited to resurrect a vacant eyesore that had no other use.

Source: Philly.com