Newmark arranges sale of historic luxury apt. tower

Philadelphia, PA — The Drake, an iconic apartment tower located in Philadelphia’s Rittenhouse Square neighborhood has traded hands. The buyer, a partnership of Lionheart Realty Group, Lineage Squared, Avery Companies, and AMS Equities acquired the property.

Newmark Multifamily Capital Markets executive managing director Erin Miller, alongside associate Chris Koehler, brokered the transaction on behalf of the seller. Lument managing director Mark Vinitsky represented financing on behalf of the purchaser.

“The Drake presented a rare opportunity to acquire an iconic property in an irreplaceable location. We see tremendous potential to enhance value for our tenants and the broader community through strategic capital investments and a strong focus on the resident experience,” said Yehudah Greenberg of Lionheart Realty Group.

Originally built in 1929 as a hotel and fully repositioned in 1998 into one of the premier residential communities in the City, The Drake features 289 apartment units and 8,500 square feet of ground-level commercial space occupied by a theatre company.