The Wall Street Journal and other sources are reporting that Post Brothers has sold the Presidential Apartments to KKR and Co.
On Tuesday (November 1) WSJ wrote –
The investment firm KKR & Co., Inc. is raising its bet on the apartment market with the $357 million purchase of a Philadelphia housing complex, the most expensive apartment property sale in the city’s history.
KKR’s acquisition of Presidential City, which consists of four 12-story buildings on the edge of Philadelphia, was more than $100 million higher than the previous top price paid for an apartment complex in the city.
Notwithstanding the improvements that they put into the property, Post Brothers, having paid $51 Million for it in December of 2012, appear to have made a handsome profit on the Presidential.
The Presidential Apartments were built on what had been a golf course owned by the Philadelphia Country Club. The ground-breaking took place on March 29, 1950. The Inquirer reported that “Mayor Bernard Samuel was at the controls of the steam shovel that took the first bite of the ground. Dennis Cardinal Dougherty pronounced the invocation and benediction.”
September 1951 Ad., Where Life is Wonderful