PHILADELPHIA — Post Brothers has sold Presidential City, a 1,015-unit luxury apartment community in Philadelphia. KKR and Mack Real Estate Group (MREG) purchased the high-rise property for approximately $357 million. The deal represents the most expensive apartment property sale in the city’s history, according to The Wall Street Journal.
Presidential City was originally built in 1950. Post Brothers acquired the asset in 2012 and extensively renovated it to Class A standards. The property comprises four apartment buildings as well as the 41,000-square-foot Sora Pool Club and Spa amenity center and an office building.
The residential units consist of studio to three-bedroom floor plans up to 2,920 square feet. Mack Property Management LP, a wholly owned subsidiary of MREG, will handle property operations.
Mark Thomson, Carl Fiebig, Fran Coyne, Jose Cruz and Tyler Margraf of JLL represented the seller in the transaction. Although details on the office building were not disclosed, the brokerage referred to it as “well leased.”
“Post Brothers continues to be at the forefront of game-changing multi-housing projects in Philadelphia with notable projects, including Piazza Alta in Northern Liberties and their project at Broad and Washington, where they will be delivering a combined 2,500 units,” notes Coyne.
New York City-based KKR is a global investment firm that offers alternative asset management as well as capital markets and insurance solutions. Also based in New York City, MREG is an institutional real estate developer, operator, investor and lender.
— Kristin Hiller