Wednesday, November 7, 2018

MULTIFAMILY INFLUENCER: Post Brothers Apartments

by Steve Lubetkin, Globest.com
Brothers Matthew and Michael Pestronk are co-founders of Post Brothers Apartments, a Philadelphia-based developer of luxury rental communities throughout the Northeast. Their venture established in 2006 and since then they have built an impressive portfolio valued well in excess of $2 billion.
The momentum created by the Post Brothers’ landmark projects has also fueled the development of thriving neighborhoods around these residential communities. Presidential City for instance, the 1,000-unit rental community that underwent a $200 million renovation under Post Brothers, was Philadelphia’s largest residential adaptive reuse project. Its impact on the neighborhood surrounding the Philadelphia City Avenue corridor—long known as a stretch of office parks—is evident in the influx of new restaurants, coffee shops and entertainment venues.

Presidential City is typical of the Post Brothers’ approach: revitalizing existing, outdated assets through massive-scale adaptive reuse construction to produce cash-positive projects. Not that they take a formulaic approach to development. Instead innovative, creative design tactics unique to each project are used to build a project that resonates with residents.
Post Brothers also incorporates a variety of sustainable and green features into their developments. The Goldtex building in Philadelphia, an ultra-lux community sprung from the redevelopment of a former shoe factory in the Center City loft district, was the city’s first LEED Gold certified residential high-rise. In general all residences within the company’s portfolio feature Energy Star appliances, 100% LED light bulbs, new high-efficiency heating and cooling systems, ceiling fans in every bedroom and living room, double-pane thermal insulated windows, and heavy insulation. Post Brothers has also used green wind power since 2011.

To handle its operations and execute on its projects, Post Brothers has structured corporate responsibilities along the following lines. Michael Pestronk is CEO, heading all property development and operational activities at Post Brothers, while Matthew Pestronk oversees all equity and debt financing, as well as identifying, structuring and executing acquisition opportunities, as president. Property management VP Yvette Stewart-Glimp oversees more than 35 employees across 1,100 units. And development VP Sarina Rose specializes in complex project planning, contractor negotiations and all aspects of project management for the company.
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