Fulton Realty Capital advised a private client on the acquisition of a four-building, multifamily apartment portfolio located in Philadelphia. The transaction was sourced and negotiated by Fulton’s team of real estate professionals and 5-year mortgage financing was arranged. The portfolio contains 35 recently gut-renovated apartment homes consisting of studio, one- and two-bedroom floor plans with a combined 21,000 rentable SF.
At the time of closing, the property was at 100% physical occupancy with upside potential through rental rate increases, as in place rents were below those of nearby competitors. The apartments will be operated by a professional, third-party property management company.
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