PMC Acquires 66-Unit Society Hill, Philadelphia Portfolio
10/30/2013 - 3:00pm
Philadelphia, PA — PMC Property Group recently closed on the acquisition of a 66-unit portfolio in Philadelphia’s Society Hill and Washington Square West neighborhoods. The portfolio is composed of 11 individual properties, ranging from individual brownstone town homes to mid-sized multi-unit apartment buildings, including the historic Rebecca Gratz House and the Colonial Apartments at 1100 Spruce Street. These properties add to the distinct mix of available rentals in PMC’s already diverse portfolio, and echo the firm’s original roots in the development of Philadelphia row home properties.
The portfolio was purchased in an off-market agreement from a private local developer, who has owned the majority of the properties since the early 1990s, when many of the individual units were last renovated. PMC will be fully renovating the building common areas and, after thoroughly updating the unit interiors with new kitchens, baths, lighting and hardwood flooring, will offer the units, many with unusually large floor plans, for lease.
Select updated units are now leasing, with the remaining units planned for completion by Spring 2014.
