PHILADELPHIA, PA — GREA has finalized several significant property sales in the Philadelphia area over the past month, highlighting a resurgence in the commercial real estate market.
Among the key transactions was the sale of The Palmer, a 110-unit luxury apartment complex in Wynnewood, just outside Philadelphia. Converted from a historic hotel and seminary into apartments in 2012, the property boasts upscale amenities like a saltwater pool, private lounge, fitness center, and a 24-hour concierge. Corey Lonberger, Founding Partner of GREA, led the deal, which attracted 20 offers. “This transaction was unique in that it was an REO deal in an ‘A’ location. This enabled us to get twenty offers and we were able to sell this property at a sub 5% CAP rate,” Lonberger noted.
Another notable sale was 1831 Chestnut Street, a 29-unit property formerly operated as a ROOST Hotel in Rittenhouse Square. Alan Krawitz, Associate Director, brokered the deal with the buyer, Moore College of Art and Design, which plans to use the property as student housing. “Our team ran our full marketing process and fielded bids from various capital sources,” Krawitz stated. “The eventual buyer was found through covering all local and regional market participants, which allowed us to identify an institutional user that may have gone unnoticed by other firms.”
Additionally, the firm sold Haverford Lofts, a 43-unit modern apartment building in University City, Philadelphia. With amenities such as a gym, roof deck, and secured parking, the property is ideally located near major institutions like UPENN and Drexel University. Ken Wellar, Founding Partner of GREA, led the sale.
These transactions underscore GREA’s capacity to connect buyers and sellers in a competitive market while leveraging institutional expertise.
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