PHILADELPHIA, PA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of American Lofts,(top left photo) a 40-unit 45,825-square foot luxury condominium high-rise in Philadelphia.
The sales price of $10.7 million represents $267,500 per unit and $233 per square foot.
Frederick Paisley and Kenneth Wellar, senior associates in the firm’s Philadelphia office, represented the seller. Abington Bank provided financing for the buyer.
“American Lofts is in the heart of Northern Liberties, which has been an up-and-coming area for the last 10 years,” says Wellar.
“The views from the property are some of the best in Philadelphia. Originally built as for-sale condo units, the new owner will be operating American Lofts as an apartment building,” he adds.
“To achieve $267,500 per unit in today’s market shows that premium properties in great locations still command premium pricing,” says Paisley.
Built in 2009, the property is located at 212-20 Brown Street in Philadelphia.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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