Thursday, June 30, 2011

The Pepper Building Sells For $50.85 Million

"TIAA-CREF purchased The Pepper Building at 1830 Lombard St. in Philadelphia, PA. Philadelphia Management Company sold the apartment complex for $50.85 million, or about $275,000 per unit.

The 196,587-square-foot apartment complex was constructed in 1950. Renovations were completed in 2010. It is in the Market Street West submarket and is comprised of 185 apartment units."

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