56
PHILADELPHIA — Post Brothers Apartments has acquired The Presidential City Apartments, a 1,030-unit complex on City Avenue in Philadelphia for $51 million. The seller is a Brooklyn, N.Y.-based real estate investment firm. As part of the off-market transaction, the seller is keeping the ground lease, which has considerable redevelopment potential. The complex was constructed in 1950 and rents range from $765 per month for a studio to $1,835 per month for a three-bedroom unit. Joseph Brecher and Eli Rosen of Gebroe-Hammer represented the seller in the transaction.