Post Brothers Pop the Goldtex Building, Rittenhouse Hill on the Market
It looks like Post Brothers is poised to make yet another splash on the Philly real estate scene, only this time it’s through potentially selling two apartment buildings consisting of nearly 800 high-end units.
The Philly-based development company has placed two of their most recognizable properties on the market: Rittenhouse Hill in Germantown and the Goldtex building. For the latter, the news come just two years after successfully rehabbing (not without controversy) the defunct warehouse building into a glistening, 163-unit luxury apartment complex at 11th and Wood Street in Callowhill.
The move could prove to pay off quite handsomely for the company. A recent report from Commercial Real Estate Direct suggests Rittenhouse Hill, with its 626-units spread over two buildings, could move for $150 million–or $240,000 per unit.
Given its prime Center City location, Goldtex could fetch a far greater bounty. The building boasts a fancy roof deck with pool and skyline views, a fitness center, Brick & Mortar restaurant, and, in the not-too-distant future, a direct connection to the Rail Park. It also became the first apartment building in Philadelphia to be awarded LEED Gold Certification for its energy-efficiency and overall design.
Rittenhouse Hill ain’t too shabby, either, especially after a $52 million overhaul of the property brought in a modern look, an infinity edge swimming pool and hot tub, bocce courts, tot lot and dog run/washing station.
The news comes hot on the heels of Post Brothers purchasing seven aging apartment buildings in West Philadelphia. Their goal is to reposition the properties, particularly Garden Court Plaza at 47th and Pine, to the growing number of young professionals in University City seeking new living accommodations near their work.
Presidential City, a massive project on City Avenue consisting of 1,016 total units spread over four building, is about halfway done. The first tower is complete (and fully leased, according to a previous interview with Post’s Mike Pestronk) and work on the second tower ongoing.
Pestronk could not be reached for comment on the recent listing of Rittenhouse Hill and Goldtex.
- Post Brothers Tees Up 2 Philadelphia Apartment Properties for Sale [CRE Direct]
- Post Brothers Selling, Renovating [Philadelphia Business Journal]