Wednesday, April 10, 2019

9-building Center City portfolio sells

Natalie Kostelni Reporter Philadelphia Business Journal
A portfolio of nine Center City apartment buildings accumulated over the last roughly 50 years has sold for $28 million.

The seller was Stolker Properties and the buyer was PMC Property Group. Both are Philadelphia real estate companies. The properties sold were: 1329 Lombard St.; 415-417 S. 10th St.; 1634-36-38 Lombard St.; and 1825, 1912 and 2011 Spruce St. Combined, the buildings had 100 apartment units, a commercial unit and four dedicated parking spaces.

Portfolios of this nature seldom come up for sale in Center City and, as a result of that, they often garner a tremendous amount of interest. The Stolker portfolio was not an exception. Nearly 200 confidentiality agreements were signed, 75 tours given and more than 20 offers were made. It was put up for sale last fall.
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