Standard Communities sees promise in greater Philadelphia’s attainable and affordable housing space.
The firm announced Wednesday it has closed a $29.3M acquisition of the 186-unit Helston Apartments at 3801 Conshohocken Ave. in Wynnefield Heights. This is the firm’s first property in the area, and it said it has earmarked another $150M for purchases in the region.
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“We’re here for the long term,” Standard Senior Managing Director of Essential Housing Christopher Cruz said in a statement.
“This investment is a great example of how private capital can be used to preserve affordability for Philadelphia’s workforce,” he added.
The mid-rise apartment complex built in 1970 will receive $4M in renovations, in part to address deferred maintenance. More than half of its current residents make less than 80% of the area median income.
Standard holds $7B of assets, including about 30,000 housing units across 22 states and Washington, D.C.
SALES
Hatfield-based Clemens Development has purchased the Mill Town Square shopping center in Downingtown from Tripoint Properties for $22.4M, the Philadelphia Business Journal reported. The property, which spans 8.7 acres at 150 E. Pennsylvania Ave., is anchored by Planet Fitness.
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Pearl Properties has spent $3M on three lots adjacent to 708 Sansom St. on Jeweler’s Row, where the developer is entitled to build a 34-story residential tower, the PBJ reported.
CONSTRUCTION AND DEVELOPMENT
Greystar has broken ground on a 150-acre South Jersey industrial project at 744 Creek Road in Bellmawr. The firm expects to deliver a 406K SF building and a 249K SF building by January 2028. CBRE will manage the lease-up.
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Buccini Pollin Group has completed the 100-unit third phase of the Standard at Market West in Wilmington. The new units at 221 W. 10th St. are already 50% leased, and the multifamily component of the project is 90% occupied overall.
FINANCING
Regions Real Estate Capital Markets has arranged an $81M series of loans for an undisclosed Philadelphia multifamily player from ACORE Capital.
It includes a $36M construction loan for 120 units at 1330 N. American St. in Olde Kensington, $28M in bridge financing for 70 units at Germantown Row, and $17M for 44 units at Binder Terrace Apartments in Ludlow. The deal was led by a Regions team including Jason Hull, Rickey Mirabito and Sean Reilly.
PEOPLE
Investment firm Matthews has hired Philadelphia-based Michael Inforzato as a first vice president in its senior housing division. He previously spent six years in the same sector at Marcus & Millichap, which followed more than a decade in healthcare operations.
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Trophy Commercial Real Estate has added Sajan Shah to its team as a vice president. The Temple University graduate has a track record of $75M in gross sales.
THIS AND THAT
Ensemble Investment and Orchestra Life Sciences have teamed up to launch a workforce training program called KAAZI at 1200 Intrepid Ave. in the Philadelphia Navy Yard. The program, with a focus on advanced manufacturing, will train cohorts of 12 to 16 people for three months.
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