Buyer Plans to Upgrade Philadelphia Regency

(Read more on the multifamily market.)

PHILADELPHIA-An investor group lead by Scott Homel and assembled by Jenkintown-based Pintzuk Brown Realty Group has acquired the 300-unit Philadelphia Regency. The rental property is located at 1220 N. Broad St. within striking distance of the rapidly expanding Temple University campus.

The sale price is undisclosed. On condition of anonymity, an area multifamily specialist tells GlobeSt.com the price tag was probably between about $70,000 a unit and $80,000 a unit, which would put the buy at between $21 million and $24 million. Eli Rosen of Livingston, NJ-based Gebroe-Hammer Assoc. represented the seller, which it identified as a closely held limited partnership. According to public records, that is Goldstein & Goldstein, which acquired the property in 1990.