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

BC Capital Partners and Conway Capital have announced the successful acquisition of a 5-building portfolio in Center City, Philadelphia. The package deal, purchased for $7.965 million from Pennbrook Partners, includes 28 residential units and 1 commercial unit. With a purchase price of $274,000 per unit, the deal represents an existing 5.6% Cap Rate with immediate untapped upside. This acquisition marks BC Capital and Conway Capital's 9th building in Center City and reflects their aggressive expansion strategy in core Philadelphia.

Summary of transation details

• Property Type: Package Deal
• Transaction Amount: $7,965,000
• Square Footage: 26,298 SF
• Price per Square Foot: $303
• Address: 902 Spruce Street, 2027 Pine Street, 716 South Street & 750-752 Martin Street
• Market: Philadelphia, PA

The buyer, represented by Fred Bijou from BC Capital Partners and Abe Cohen from Conway Capital, expresses their gratitude to Ken Wellar and Alan Krawitz of Rittenhouse Realty Advisors for facilitating the transaction. BC Capital and Conway Capital are enthusiastic about adding this portfolio to their real estate investments and are actively seeking additional opportunities in Center City, Philadelphia.

For more information on this purchase or the buying criteria of BC Capital Partners and Conway Capital, please contact Fred Bijou at [email protected].