GREA Announces Sale of 168 Loft Apartments in Philadelhpia Totaling $34,700,000

January 19, 2022

GREA, a commercial real estate sales brokerage based in Philadelphia, is pleased to announce the sale of a 168 unit loft apartment portfolio located in South Kensington neighborhood of Philadelphia. Properties sold include: Lamp Factory Lofts, located at 1700 North 5th Street, Sewing Factory Lofts, located at 1730 North 5th Street, Tie Factory Lofts, located at 1720 North 5th Street, sold in June of 2021, as well as the Button Factory Lofts, located at 1701 North 6th Street, and Frame Factory Lofts, located at 3560 Sepviva Street which both sold in December of 2021.

This is the largest accumulation of loft-style apartments in the South Kensington neighborhood. GREA marketed the properties as an outstanding value-add, redevelopment and new construction opportunity.

Ken Wellar, founding partner at GREA, stated: “Our firm marketed this opportunity on behalf of the seller, who has owned and operated properties in the Philadelphia market for over 40 years. They created an incredible portfolio of loft-style apartment buildings in neighborhoods which have emerged as creative and cultural hubs in Philadelphia in recent years. Our firm was able to bring a great buyer we have worked with on other transactions to this portfolio, a family office out of New York. These deals had a lot of upside in rents and the new owner should be able to achieve excellent rent growth.”

The buildings are each steeped in history, once serving as textile and various production factories in the heyday of the industrial revolution. Now converted to apartments and offering from one-,
two-, and three-bedroom units with open floorplans, each community offers modern day amenities that appeal to today’s renters, all the while boasting irreplaceable elements such as
original brick facades, 12’ to 14’ height interior wood-beam ceilings, and time-aged hardwood floors – with some dating back more than 100 years. Modernization includes new energyefficient
windows, contemporary kitchens and baths, central air conditioning, and laundry facilities. Community gathering spaces include a courtyard, an atrium, a large patio and a rooftop deck
with BBQ. The properties are convenient to Interstates 95 and 76, convenient to public transportation, and just minutes from Center City, Philadelphia.