PHILADELPHIA, April 23, 2025 (GLOBE NEWSWIRE) — GREA completed several notable transactions in the Philadelphia area in the last thirty days, signaling a promising shift in the commercial real estate market.
Corey Lonberger, Founding Partner, led the sale of The Palmer, a 110 unit apartment complex located at 18 E. Lancaster Ave in Wynnewood, just outside of the Philadelphia city limits. The property, originally developed as a hotel and later used as a seminary, was converted to apartments in 2012. Amenities include a saltwater pool and sunbathing terrace, a fitness center and yoga room, community garden, a dog run, private lounge and library, chef’s culinary kitchen, and a 24-hour doorman and concierge desk. Mark Allen, of GREA’s Dallas office, had a relationship with the seller and worked with the Philadelphia team on the transaction. “This transaction was unique in that it was an REO deal in an ‘A’ location. This enabled us to get twenty offers and we were able to sell this property at a sub 5% CAP rate,” stated Lonberger.
Alan Krawitz, Associate Director at GREA, brokered the sale of 1831 Chestnut Street, a former ROOST Hotel developed by Method Co. in Rittenhouse Square. The 29 unit luxury property sold to Moore College of Art and Design, who will use it as student housing. Krawitz stated: “Our team ran our full marketing process and fielded bids from various capital sources. The eventual buyer was found through covering all local and regional market participants, which allowed us to identify an institutional user that may have gone unnoticed by other firms.”
GREA also sold Haverford Lofts, a newly constructed 43 unit apartment building located at 4070 Haverford Avenue in University City, Philadelphia, with Ken Wellar, Founding Partner, leading the sale. The property is located within walking distance to UPENN, Drexel University, Penn Medicine, and Children’s Hospital of Philadelphia and has the original 10 year tax abatement. Amenities include a gym, study lounge, bike storage, secured parking, and roof deck.
For more information on current rates or to view our available listings visit www.GREA.com.
GREA has been a leader in multifamily commercial real estate in Philadelphia and the surrounding markets since 2013. With our extensive local market knowledge, we pride ourselves in helping our clients from acquisition to disposition and through every major capital event.
Press Contact: Ken Wellar and Corey Lonberger
Founding Partners
215-454-2852
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/16b5073c-002f-4588-aab2-6b2e1beee2b2
