Apartment Investment and Management Co. (Aimco) has acquired a portfolio of six Philadelphia area apartment communities including 1,006 existing apartment homes, 110 apartment homes under construction, and 185,000 square feet of office and retail space for $445 million.
The class A portfolio developed by Dranoff Properties includes Locust on the Park in the Fitler Square neighborhood; 777 South Broad and Southstar Lofts on the Avenue of the Arts; The Left Bank in University City; The Victor in Camden, N.J.; and One Ardmore Place in Lower Merion Township.
The acquisitions from Dranoff Properties are expected to close in second quarter, except for the purchase of One Ardmore Place, which is expected to close in first half 2019 after completion of construction.
The vacancy rate for the Philadelphia MSA apartment market increased to 3.9 percent in the fourth quarter of 2017, due in large part to the addition of 4,040 new units in 2017, according to Cushman & Wak
