PHILADELPHIA, PA — Post Brothers, a real estate company specializing in residential communities announced the acquisition of Garden Court Plaza, a 13-story, 146-unit apartment building at 4701 Pine St. in Philadelphia. The acquisition highlights Post Brothers’ development strategy in the University City neighborhood, where it expects to invest $250 million in the coming years.
Post Brothers will commence a strategic effort to reposition Garden Court Plaza, including the implementation of substantial renovations to the buildings’ exteriors and interiors, upgrading of common areas, and the addition of a new onsite management team.
Deemed by the Brookings Institution as an ‘Innovation District,’ University City has undergone a significant economic revitalization, attracting a confluence of arts, entertainment, and new residents. The neighborhood is bound by several academic institutions, including the University of Pennsylvania, Drexel University, and The University of the Sciences.
“University City has long been a hotbed for the City’s brightest young minds, and the continued expansion of local arts and culture has only made it a more attractive place to live,” said Michael Pestronk, CEO and cofounder of Post Brothers. “Our principal goal is to harness the energy of this exciting neighborhood to create re-imagined, high-quality apartments that are reflective of the neighborhood’s vibrant, upwardly-mobile population.”
“The ongoing revitalization of University City continues to be one of the most compelling stories in America’s big cities,” added Pestronk. “As the steady influx of start-ups and young companies persists, we believe there is an incredible demand for housing that’s uniquely upscale, yet attainable.”