Thursday, December 20, 2012

Post CRE Buys Presidential City Apts for $51M

BLDG Management Co, Inc. sold the 1,015-unit Presidential City apartment complex to Post Commercial Real Estate LLC for $51 million, or about $52,000 per unit. The seller is retaining the ground lease for the property. 

Located at 3800-3900 City Ave. in Philadelphia, PA, the 12-story high rise apartment complex contains 30 commercial spaces and a restaurant in addition to 987 multifamily units. The Presidential City apartments sit on more than 20 acres, contains health and fitness centers, along with laundry facilities in each building, and has a 24-hour gatehouse entrance.

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