New Owner Means Changes Coming to The Versailles
The Versailles Apartments at 16th and Locust Street has a new owner, and he’s looking to make some serious changes in 2015.
The Inquirer’s PhillyDeals is reporting that Alterra Property Group, head by Leo Addimando, purchased the building last week. Addimando is moving quickly on some things–already showing ten workers the door– but plans for the capital improvements to “be done slowly.” So, there you go.
Rents are expected to go up, but Addimando said Alterra intends to honor the leases, so no one will be forced out.
• PhillyDeals: New owner: Face-lift set for Versailles apartments [The Inquirer]