Done Deals: HFF closes sale of a luxury multi-housing property in Philadelphia

Saturday, November 2, 2013

HFF closes sale of a luxury multi-housing property in Philadelphia

The Granary apartments, Philadelphia, PA

Philadelphia Chef Marc Vetri

NEW YORK, NY – HFF announced it has closed the sale of The Granary, a recently completed, luxury mid-rise multi-housing property in Center City, Philadelphia.

HFF marketed the property on behalf of the seller, Pearl Properties. Lowe Enterprises Investors purchased the property on behalf of one of its investment clients.

The Granary consists of 229 one- and two-bedroom apartment homes averaging 895 square feet each, 21,637 square feet of ground-level retail space and underground parking.

Community amenities include a lobby/lounge, fitness center, library/music room, club room with terrace, business center, on-site concierge and full-time doorman.

Jose Cruz

The Granary’s street level shops offer a mix of national and local retailers including Petco and Pizzeria Vetri, the newest restaurant by local chef Marc Vetri, which opened in October. GNC, Whirled Peace Frozen Yogurt and Gyu-Kaku will follow during the next several months.

Andrew Scandalios

The Granary is located at 20th and Callowhill Streets proximate to mass transit and highway access and within walking distance of the city’s core office market.

The Granary is also proximate to a wide variety of cultural, retail and entertainment venues, with The Barnes Museum, Whole Foods and Starbucks immediately adjacent to the property.

Jeff Julien

The HFF team representing Pearl Properties was led by senior managing directors Jose Cruz and Andrew Scandalios and managing directors Jeff Julien and Kevin O’Hearn. HFF managing director Jim Cadranell previously arranged construction financing for the property in 2012.

Kevin O'Hearn

Additionally, John Gaghan of Lowe Enterprises Investors’ Philadelphia office led the firm’s acquisition team and Jeff Heath of Berkadia Commercial Mortgage sourced the debt.

Lowe Enterprises Investors has retained Greystar as property manager for The Granary.

“The property is considered one of the most luxurious rentals in Philadelphia,” said Cruz. “The Granary offers an excellent location, modern amenities and superior finishes to appeal to renters seeking a luxury residence in the heart of Philadelphia.”