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Courts LP Buys 167-Unit Apartment Building

PHILADELPHIA-Powelton Avenue LLC sells the 113,000-sf student housing featuring renovated landmark architecture here in University City for $22.4 million.

By Casey Freeman | Updated on May 14, 2008

PHILADELPHIA-The Courts, an 113,000-sf, 167-unit apartment building located in University City, has sold for $22.4 million. Joseph Brecher, senior vice president, and Eli Rosen, vice president, of Gebroe-Hammer Associates from Livingston, NJ, represented the seller, Powelton Avenue LLC, and procured the buyer, the Courts LP, a national partnership.

“The guys who bought are a group that specialize in student housing,” Brecher tells GlobeSt.com. “They don’t own anything else in Philadelphia and they felt this was a good product to start with.”

The actual partnership the buyers belong to was not released. The buyers are not a well-known group, but Brecher says, “they do have some equity and institutional investors.”

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