Lucern Capital Partners breathes fresh life into Mt. Airy Asset
Lucern Capital Partners, a real estate private equity firm headquartered in Lakehurst, New Jersey, has acquired Wiltshire Arms at the intersection of Crittenden Street and East Mt. Airy Avenue, in the Mt. Airy section of Philadelphia.
The new owner plans to breathe fresh life into the asset, investing more than $10,000 per unit in interior and exterior upgrades, with the goal of repositioning the asset as a higher quality workforce product over the next twelve months.
“We are incredibly excited to be part of the rapid transformation of the historic Mt. Airy neighborhood. Our mission is to invest in rental communities that serve the workforce demographic, while providing above-market quality and management. Once complete, this asset will be the undeniable choice for renters in the immediate area,” said Frank Forte, managing partner of Lucern Capital Partners.
Frank Forte is managing partner of Lucern Capital Partners.