The seller, Hartford, CT-based Philadelphia Victoria Associates, acquired the buildings in 1998, according to Josh Nadel, a partner in locally based Mallin Panchelli Nadel, the real estate firm that handled the sale for Victoria.
Victoria House includes 2049 Locust St. and 237, 239 and 241 South 21st St. The other buildings are at 2041 Spruce St.; 250 and 260 South 21st St., and 133 South 22nd St. The buildings contain studio and small, one-bedroom units ranging in rental rates from about $500 to $900 a month, Nadel says.
The pre-war buildings maintain many of their original details, such as fireplaces, moldings and hardwood floors. Locust Commons owns other, similar rental properties in Center City, where Nadel says demand is strong and the availability of product is short.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
