Regions Midatlantic | Philadephia
Berkshire to Pay $50M for Partnership Interests in Philly High-Rise
Aug 22, 2008

Boston-based Berkshire Income Realty Inc. will get its hands on the Executive House Apartments in Philadelphia now that it has entered into agreements to purchase the property in a transaction valued at a total of $50 million. The multifamily REIT will plunk down approximately $19.3 million in cash for 100 percent of the partnership interests of Executive House Associates, owner of the 302-unit apartment tower, and will assume existing mortgage debt of nearly $30.7 million. Located at 6100 City Ave., Executive House was developed in 1984 and renovated in 2005.

 
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2.2 MSF Office, Hotel Project Gets Nod from Philly City Council
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Hill International Real Estate Partners L.P. has unanimously received final approval from the Philadelphia City Council for zoning and other regulatory variances necessary for the development of the proposed American Commerce Center, a 2.2-million-square-foot office and hotel tower to be located at 1800 Arch St. in Center City Philadelphia.
Colliers Lanard Merges with Markward Group
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