LANSDALE, PA. — Locally based firm Westrum Development has opened Luxor Lifestyle Apartments Lansdale, a 211-unit multifamily community located about 30 miles north of Philadelphia. Designed by Pennsylvania-based architecture firm Meyer, the property offers studio, one- and two-bedroom units and amenities such as a pool, fitness center, gaming area, outdoor grilling and dining stations and a dog wash area. Rents start at $1,800 per month for a studio apartment. The project carried a total price tag of about $28 million.
PITTSBURGH — Newmark has arranged the sale of Foster Plaza Nine, a 155,663-square-foot office building in Pittsburgh’s Parkway West submarket. The property was built in 1990 and was 64 percent leased at the time of sale. David Dolan, Michael Margolis, Gerry McLaughlin, Jeff Schultz, Angelo Brutico and John Cook of Newmark represented the seller, Sterling Equities, in the transaction. The undisclosed buyer plans to implement a value-add program.
NORRISTOWN, PA. — Largo Capital, a commercial intermediary based in upstate New York, has arranged a $15 million loan for the refinancing of a multifamily property in Norristown, a northwestern suburb of Philadelphia. The unnamed property consists of 17 buildings totaling 328 units that were 99 percent occupied at the time of the loan closing. Neal Colligan of Largo Capital originated the financing. The direct lender and borrower were not disclosed.
PHILADELPHIA — The Philadelphia Inquirer has opened a new, 36,500-square-foot office at 100 S. Independence Mall West in the Old City district. Locally based architecture firm Meyer designed the office, which can accommodate 200 people and represents a consolidated physical footprint. The newspaper employs about 400 people who will utilize the space on a rotating basis and work in “neighborhood” spaces that support individual departments like news, marketing, human resources and administration. Newmark represented the Inquirer in its site selection and lease negotiations. Keystone Property Groups owns the building.
PHILADELPHIA — A partnership between Pennrose and the Philadelphia Chinatown Development Corp. (PCDC) has broken ground on 800 Vine Senior, a 51-unit seniors housing complex. The five-story project is being constructed at the site of a former parking lot and will house studio, one- and two-bedroom units. Six residences will be reserved for renters earning 20 percent or less of the area median income (AMI), and 20 units will be earmarked for households earning 50 percent or less of AMI. The remaining 25 units will be rented to seniors earning 60 percent or less of AMI. Amenities will include a community room, courtyard and onsite laundry facilities. Completion is slated for summer 2024.
PITTSBURGH — Community Preservation Partners (CPP) has acquired Allegheny Commons, a 136-unit affordable housing complex in Pittsburgh’s North Shore neighborhood. The 20-building property was originally built in 1973. The majority (112) of the units are covered under a project-based Section 8 Housing Assistance Payments (HAP) contract. Additionally, the project includes units that are reserved for households earning up to 60 percent of the area median income. CPP plans to undertake $11.3 million in capital improvements to the property, including upgrades to unit interiors, common areas and building exteriors.
PHILADELPHIA — Breakthrough Properties, which is a joint venture between New York City-based Tishman Speyer and biotechnology investment firm Bellco Capital, has received a $130 million construction loan for a life sciences project in Philadelphia. The site at 2300 Market St. in the Center City District is adjacent to both the University of Pennsylvania and Drexel University and will house an eight-story, 223,000-square-foot building. Amenities will include a café and lounge, fitness center and elevated terraces. D2 Capital Advisors arranged the loan through Corebridge Financial on behalf of Breakthrough Properties. Construction of the building shell is expected to be complete by next summer, at which point tenant build-outs will commence.
DUNCANNON, PA. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the $3 million sale of a property in Duncannon, a northern suburb of Harrisburg, that consists of 31 residential units and 47 self-storage units. Arbor Manor Apartments & Storage was originally built on 5.5 acres in 1980. Matt Wolf of Kislak represented the buyer and seller, both of which requested anonymity, in the transaction.
GLEN MILLS, PA. — Chicago-based investment firm Waterton has acquired The Point at Glen Mills, a 230-unit apartment community located on the western outskirts of Philadelphia. Built in 2016, the property comprises five four-story buildings on a 13.6-acre site. Units come in one- and two-bedroom floor plans, and amenities include a fitness center, leasing office, conference facility and a catering kitchen. Waterton plans to implement a value-add program and rebrand the property as Heights at Glen Mills. The seller and sales price were not disclosed.
YORK, PA. — Seniors housing owner-operator IntegraCare has opened The Residence at Fitz Farm, a 130-unit community in York. The 124,000-square-foot facility sits on a 16.5-acre site that was previously part of a family farm. The property houses 68 independent living units, 42 assisted living residences and 20 memory care units. Amenities include multiple onsite dining venues, fitness and therapy areas, a beer rathskeller, theater, hair salon, library, card room and various outdoor green spaces. IntegraCare developed The Residence at Fitz Farm in partnership with Indianapolis-based Avenue Development.