Apartment complex on Market put on the market

by Natalie Kostelni
"Thomas Properties Group Inc. wants to shrink its Center City presence and to do so it has put up for sale an apartment building and a nearby undeveloped parcel.
The apartment building at 2121 Market St. is owned in a partnership with PMC Group, which joint ventured to convert it in 2001. The eight-story, 186,000-square-foot building has 168 loft apartments that have a monthly rent range of $1,250 to $1,850. Its occupancy is around 98 percent. The building has 24,000 square feet of retail space split between a Trader Joe’s and Daroff Design’s offices. The building could go for more than $45 million.
The decision to sell is an “opportunistic one,” said Randall L. Scott, executive vice president at Thomas Properties. “Neither the partnership or [Thomas Properties] are under any pressure to sell. If our instincts prove correct, that there is strong investor demand and pricing for well-located multifamily properties in Philadelphia, then we will sell. If not, we won’t.”

"Pension fund advisers, they love Center City Philadelphia, insurance companies – the building is fully sprinklered – and private equity [firms],” McFadden said.
The structure had been used by After Six Inc. as a factory for its formalwear business. It languished for more than a decade as a vacant building before Thomas Properties and PMC Group plowed $25 million to transform it. The project took advantage of a 1997 ordinance that provided a 10-year property tax abatement when developers transformed old Class B and Class C office buildings into apartments. It was part of a wave of similar conversions at the time."
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