Multifamily Portfolio Trades For $10M: The Philadelphia Deal Sheet
A two-building multifamily portfolio spanning 30 units in Manayunk and Old City has traded hands.
Lions Investment Group Principal George Balatsinos paid $10.1M to buy the properties from JMG Capital Properties principal Matthew Grossman and Gladiator Equities Managing Principal Stephen Kramer.
The portfolio consists of the 20-unit Watermill Lofts at 4 Leverington Ave., overlooking Venice Island in Manayunk, and a 10-unit building at 240 N. Second St. in Old City.
The Watermill went for $5M, while the Old City apartments located above a retail space went for $5.1M, said JLL's Tyler Margraf, who led the team that coordinated the deal.
SALES
Prime Capital Holdings bought a 39,900 SF industrial building in Lebanon, about 30 miles east of Harrisburg, from GMZ LLC for $3.6M. The space at 26 Lebanon Valley Parkway is occupied by Laserfab, a laser-cutting and metal-forming company.
The seller was represented by a Marcus & Millichap team including Brian Higgins, Ari Nordlinger and Jack Hamilton.
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An entity led by Philadelphia investor Ira Lubert has submitted an $18.2M bid for the 296-unit former Club Wyndham Skyline Tower at 100 S. North Carolina Ave. in Atlantic City, the Philadelphia Business Journal reported. Brothers Matthew and James Robertson are also co-investors, according to court documents obtained by the outlet.
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A group of investors purchased a 98K SF property at 26 N. Cedar St. with plans to reopen it as a mixed-use complex including retail, apartments and hospitality space.
The property, built in 1930, was sold by Penn Medicine Lancaster General Health, which was represented by a CBRE team including Stephen Marzullo, Adam Silverman, Jeremy Shyk, David Sickler and Scott Miller. A spokesperson for the brokerage declined to reveal the sale price.
CONSTRUCTION AND DEVELOPMENT
Greystar and JLC Infrastructure have teamed up with Penn State to build University Drive, a 703-unit student housing complex with 1,505 beds near the campus in State College.
Construction began last month. The first phase is expected to deliver in May 2028, and the second will wrap up the following year.
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Amazon has arranged a $123M payment-in-lieu-of-taxes arrangement with Hamilton Township as it works to construct a fulfillment center at the site of the shuttered Atlantic City Race Course, NJ.com reported. The warehouse is expected to open in 2028.
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The grocery chain Sprouts is opening a new location at 280 Egg Harbor Road in Sewell, New Jersey, on Aug. 28. The store is expected to create 93 full- and part-time jobs.
FINANCING
The 481 CEI-Boulos Impact Fund, a partnership between TD Bank and CEI Boulos, is the majority investor in a 44-unit affordable housing conversion project at the former Cornerstone Baptist Church in Strawberry Mansion. The apartments will be restricted to tenants making 80% of the area median income or less.
The property at 2117 N. 33rd St. was bought by Select Redevelopment for nearly $1.2M in April, according to city records.
