Counter Capital Management, an out-of-state joint venture between real estate industry veterans Christian Dalzell and Mukang Cho, has purchased Shirt Corner Apartments in Philadelphia’s Old City neighborhood from local investment shop Alterra Property Group for $22 million, or about $355,000 per unit.
The four-story building at 251-259 Market St. includes 62 apartments and one commercial space leased to Snap Kitchen, a national health food chain. Completed in 2015, the four-star property includes a mix of studio, one- and two-bedroom floorplans ranging from 423 to 1,395 square feet.
Amenities include bicycle storage, a fitness center, a package room and off-street parking.
"Old City has been one of the strongest markets in Philadelphia over the last 18 months in terms of rental growth. We believe this neighborhood will have the most upside in rent growth over the next five years," Wellar said in a statement.
www.omegare.com
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