Key Lofts, 7165 Key St., Philadelphia, PA

PHILADELPHIA, PA—Rittenhouse Realty Advisors brokered the sale of the Keystone Lofts in the Tacony/Lower Mayfair neighborhood in Northeast Philadelphia. The property, which is located just a 20-minute drive from Center City Philadelphia, sold to an international buyer at more than $140,000 per unit, a record price for Northeast Philadelphia.

“We are seeing more foreign capital purchase assets in the Philadelphia region, which is driving up pricing,” says Ken Wellar, managing partner of RRA. “We successfully closed this transaction at a record price per unit for the neighborhood on behalf of the sellers, Liss Property Group, who are one of the largest owners in the Northeast with over 1,500 units.”

The property was originally built as a warehouse in 1923 and was converted into apartments in the late 1980s. It now contains 55 apartments and 1 commercial unit. There are two freight elevators primarily used for tenant move-ins/move-outs. Every floor plan is unique with features that include ceilings up to 30 feet high, sweeping views and distinguished hardwood floors. Keystone Lofts is located on approximately 2.8 acres of land with more than 100 parking spaces secured by an electronic security access gate.