Real Estate Journal — March 29 - April 11, 2019 — The Best of 2018 — 43C
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M id A tlantic
The MOST SIGNIFICANT/UNIQUEMULTIFAMILYLEASE of 2018
Post Brothers Apartments Penthouse Units at The Atlantic Building Philadelphia, PA
Urban Conversions Yarn Factory Lofts Philadelphia, PA
Size: 32,326 SF Brokers: Urban Conversions
The luxurious Penthouses at The Atlantic. The historic renovation of The Atlantic fea- tures four, ultra-luxe penthouses that command the highest rents for any purpose-built rental unit ever in Philadelphia and are the first units in Philadelphia to offer a profes- sionally managed rental substitute to the financial commitment and hassle of high-end condominium ownership. The four bi-level penthouses feature outdoor balconies, and nine-and-a-half to 14-foot ceiling heights that frame magnificent city views. The unit fin- ishes and amenity package are truly comparable to the highest priced condominium units in the city. Penthouse residents enjoy premium elevator access, including priority call and private rides -- elevating the city’s definition of luxury for rental units. Community features include a dog park, onsite parking, close proximity to public trans- portation, a car sharing partnership, and vehicular access to major transportation routes. The project also partnered with Mural Arts Philadelphia to create a one-of-a-kind mural that highlights the industrial history of Manayunk. The MOST SIGNIFICANT/UNIQUE MULTIFAMILYACQUISITION of 2018 Yarn Factory Lofts in Manayunk, Pennsylvania is a unique 50-unit multi-family rental adaptive reuse project constructed from three historic mill buildings. This project re- quired strategic foresight from architects, contractors, and historic preservation consul- tants to mitigate the level of disrepair, steep site topography, and varied architectural styles of each building while maintaining historic features.
Post Brothers Apartments The Piazza/The Piazza at Schmidt’s Commons Philadelphia, PA
Prism Capital Partners Former Lucas Chevrolet Dealership Site Woodbridge, NJ
Size: 500 Units & 125,000 SF of commercial space Brokers: Park Hill
Post Brothers secured an interest in The Piazza, formerly Schmidt’s Commons, from Kushner Cos. in May 2018. The acquisition included 500 rental apartments, 125,000 square feet of ground-floor retail and commercial space, and a cobblestone plaza. Since the acquisition, Post has employed its long-time strategy of revitalizing what has become an outdated, underperforming asset by implementing hands-on management and a robust marketing and rebranding effort, helping to increase rents by 10 percent. Furthermore, Post is in the midst of renovating individual units, outfitted with new finishes and appli- ances on par with Post’s signature Class A product, with plans to revamp the common areas and construct a pool and fitness center complex in the property’s courtyard. When finished, Post will have returned The Piazza to its former glory days as the epicenter of activity and luxury in the neighborhood.
Size: 12,000 SF of retail on 5 acres 232 Apartments Prism acquired the five-acre, former Lucas Chevrolet dealership property in Woodbridge and is transforming the under-utilized site into a luxury, mixed-use transit-oriented com- munity. Upon completion, the property will feature 232 apartments, a host of modern amenities and 12,000 s/f of retail. Located at the corner of Rahway Ave. and Green St., the property sits in the heart of its walkable downtown, next to Woodbridge Station. Woodbridge is experiencing a renaissance due to this type of redevelopment, and the appetite for multifamily rental, especially transit-oriented product like this, continues to exceed supply throughout New Jersey and nationwide.
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