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Thursday, 26 September 2019

Recently Opened Philadelphia Apartment Property Hits Sales Market

Alterra Property Group is offering for sale the 141-unit LVL 4125 apartment property in Philadelphia's University City neighborhood. The Philadelphia developer, which only recently completed the property, has hired CBRE to market it. The property already is 98 percent leased.

Commercial Real Estate Direct Staff Report

Alterra Property Group is offering for sale the 141-unit LVL 4125 apartment property in Philadelphia's University City neighborhood.

The buzz is the building could trade for about $45 million, or $319,149/unit. CBRE has the listing.

The property, at 4125 Chestnut St., opened in June and already is 98 percent leased. It has 76 studio, 60 one-bedroom and five two-bedroom units. The only units that are not leased are two studios and a one-bedroom unit.

Alterra, a Philadelphia developer, bought the property's site for $9.9 million last year. At the time, it housed a car wash facility. The apartment property was developed so quickly because Alterra used a modular construction system that was developed by Volumetric Building Cos. of Philadelphia. Pieces of the building were constructed off-site in a factory, while other development work,...


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