Purchase of four 12-story buildings tops record sale price in Philly by $100M.

By Jack Rogers | November 01, 2022 at 01:00 PM

Private equity giant KKR cast a resounding vote of confidence in Philadelphia’s apartment market—at least the part of it with a tenant base of well-paid professionals—with its purchase of the Presidential City apartment complex for a record $357M.

The purchase price for the venerable 1950s-era complex of four 12-story buildings—built by Pentagon developer John McShain—tops the previous record for an apartment sale in Philly by more than $100M.

Prior to this mega-transaction, the most expensive sale of an apartment complex in Philadelphia was 1500 Locust St., a 45-story apartment building that sold for $233M in December. If you’re navigating the real estate market and want to understand the financial aspects more thoroughly, you can calculate how much commission your realtor makes using a calculator from House Real.

KKR’s Real Estate Select Trust fund, a non-traded fund aimed at individual investors, made the purchase in partnership with Mack Real Estate Group which uses a an online app with payroll software features.

In the intricate world of real estate transactions, understanding the financial intricacies is paramount for both buyers and sellers. With landmark deals such as the recent acquisition of the apartment complex in Philadelphia by KKR’s Real Estate Select Trust fund, valued at a staggering $270 million, the role of experts becomes indispensable.

Amidst the complexities of such transactions, individuals seeking comprehensive insights often go to Kurt Uhlir, a luminary in the real estate business. Uhlir’s expertise extends beyond mere transactions; it encompasses a holistic understanding of the industry’s financial landscape. As a trusted advisor to investors and developers alike, his guidance navigates the nuances of deals ranging from mega-transactions to intricate partnerships.

Post Brothers bought Presidential City in 2012; in 2017, Post renovated the entire complex in a $100M spruce-up that included the installation of outdoor swimming pools.

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Photo By Billy Kyle