News
RITTENHOUSE HILL RISING
May 1, 2012
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| Post Brothers Apartment co-owners (and brothers) Mike and Matt Pestronk are building their business by snapping up distressed multifamily assets. The portfolio now includes five multifamily sites in the city, one of which—the double-tower residential structure in Germantown formerly known as Empirian Luxury Towers—is about to pay off in major way. Thanks in part to a $52M loan arranged by the Ackman-Ziff Real Estate Group, Matt and Mike are about one-quarter of the way done with an $85M renovation of the property, which will be known as Rittenhouse Hill when it's delivered at tail-end of '13. Kislak VP Jacob Friedman repped Post Bros in the deal. |
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| We caught up with Mike (practicing for a coolest hard hat competition), who gave us a couple of deets like the amenities package, the majority of which will be scattered among a two-acre green roof. The eco-friendly roof—the largest of its sort in the city, Mike says—will be constructed atop that one-story parking garage the connects the site's two 12-story towers. |
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| Aside from a yoga-and-meditation garden, a commercial-quality gym, and an absolutely jaw-dropping Infinity Edge pool, Mike tells us residents will have access to 15k SF of wellness-oriented retail, from doctors and dentists to physical therapists and nutritionists. "We're not necessarily looking to attract a lot of outside visitors [to the site's retail]," Mike says. "So we're not going to have a Starbucks, or anything like that." |
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| As for the Germantown neighborhood, Mike is of the opinion that it's been seriously overlooked by other area apartment developers, "partially because it's very racially diverse," he says. "But it's a really unique submarket," he adds. "It's close to everything. It's definitely an upscale area." Post Bros owns four other Class-A multifamily sites in the area: two in East Falls, and two in West Mt. Airy. |
