Best of 2018: The Most Significant/Unique Multifamily Acquisition
The Piazza/The Piazza at Schmidt’s Commons-Philadelphia, PA
Size: 500 Units & 125,000 SF of commercial space Brokers: Park Hill Post Brothers secured an interest in The Piazza, formerly Schmidt’s Commons, from Kushner Cos. in May 2018. The acquisition included 500 rental apartments, 125,000 square feet of ground-floor retail and commercial space, and a cobblestone plaza. Since the acquisition, Post has employed its long-time strategy of revitalizing what has become an outdated, underperforming asset by implementing hands-on management and a robust marketing and rebranding effort, helping to increase rents by 10 percent. Furthermore, Post is in the midst of renovating individual units, outfitted with new finishes and appliances on par with Post’s signature Class A product, with plans to revamp the common areas and construct a pool and fitness center complex in the property’s courtyard. When finished, Post will have returned The Piazza to its former glory days as the epicenter of activity and luxury in the neighborhood.