BC Capital Partners And Conway Capital Acquire 5-Building Package Deal In Philadelphia's Center City For $7.965M

The transaction involves a package deal consisting of five buildings located at 902 Spruce Street, 2027 Pine Street, 716 South Street, and 750-752 Martin Street in the Philadelphia, PA market. The sale price for this portfolio is $7,965,000, encompassing a total square footage of 26,298, which reflects a price per square foot of $303. The package includes 28 residential units and 1 commercial unit, purchased at approximately $274,000 per unit with an existing cap rate of 5.6%.

Summary of transaction details:

• Property Type: Package Deal
• Transaction Amount: $7,965,000
• Buyer: BC Capital Partners (Fred Bijou) and Conway Capital (Abe Cohen)
• Seller: Pennbrook Partners
• Brokers: Ken Wellar and Alan Krawitz - Rittenhouse Realty Advisors
• Total Portfolio Units: 29 (28 residential, 1 commercial)
• Price Per Unit: $274,000
• Cap Rate: 5.6%

BC Capital and Conway Capital are the entities involved in the acquisition, with Fred Bijou and Abe Cohen representing the respective groups. This purchase marks the ninth building acquisition for BC Capital in Center City, Philadelphia, indicating their ongoing investment strategy in the core Philly market. Ken Wellar and Alan Krawitz from Rittenhouse Realty Advisors facilitated the completion of this transaction.