PHILADELPHIA, PA-Empirian Luxury Towers, two 569 unit high-rise apartment buildings with 13 commercial spaces, has been sold for $27.3 million in cash, says the Kislak Co., which represented both the buyer and seller. According to Real Capital Analytics, the buyer was Post Rittenhouse Hill and the seller was Empire American Holdings.

A $50 million commercial mortgage-backed loan on the property, which is located at 633 W. Rittenhouse St., was in special servicing and Kislak was retained to market and sell the project.

“Almost immediately, we generated very strong interest from many regional and national investors,” Kislak VP Jacob Friedman said in a prepared statement. Friedman worked with the special servicer. “The market for multifamily properties is strong throughout Philadelphia, and this was an exceptional opportunity in an excellent location. We registered over 130 interested parties and after a sealed-bid deadline, worked quickly with the seller, eventual purchaser, and special servicer to close the transaction, which was a short sale.”