LANSDALE, PA—Lowe Enterprises Investors, in a joint venture with First Capital Advisors, has acquired the Silk Factory Lofts, a 116-unit luxury apartment community located at 200 S. Line Street in Lansdale, PA, just outside of Philadelphia. The class A loft-style property was built in 1922 as the Interstate Hosiery Mill and registered as a national historic building shortly before being renovated for multifamily use in 2008.
“Lansdale is a thriving Philadelphia submarket that is home to a number of major pharmaceutical companies. The area has a limited supply of multifamily properties with no new properties currently being developed,” says Brad Howe, co-CEO of LEI. “At Silk Factory Lofts we will continue physical improvements to the property while improving operations and enhancing service.”
The 99-percent occupied property features a mix of one, two and three-bedroom units with open floorplans, high ceilings, large windows allowing lots of natural light, and modern finishes. Significant renovations completed in 2008 included improvements to HVAC systems as well roofs, elevators, windows and plumbing. Amenities at the property include a fitness center, community room and landscaped courtyards. LEI and FCA will upgrade unit finishes and complete improvements to common areas.
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