Post Brothers sells luxury presidential city of Philadelphia to KKR and MREG for about $357 million
Philadelphia, November 1, 2022 – JLL Capital Markets today announced the closing of the sale of Presidential City, a 1,015-unit luxury community located in Philadelphia, Pennsylvania.
JLL represented the seller, Post Brothers, and helped negotiate the transaction with the buyers, KKR and Mack Real Estate Group, LLC (MREG). KKR made its investment through KKR Real Estate Select Trust Inc., a continuously offered closed-end registered fund that thematically invests in high-quality, stabilized, income-oriented commercial real estate equities and debt .
“We look forward to the new owner’s continued careful stewardship of this trophy,” said Matt Pestronk, President of Post Brothers.
Built in 1950, Presidential City was acquired by Post Brothers in 2012 and then renovated into the A+ class, luxury property it is today. Presidential City includes four apartment buildings, as well as a 41,000 square foot recreation center (Sora Pool Club and Spa) and a well-leased office building (Monroe). Mack Property Management, LP, a wholly-owned subsidiary of MREG, will handle real estate operations. The residential buildings each contain their own unique finishing package and consist of floor plans from studios to three bedrooms up to 2,920 square feet.
The JLL Multi-Housing Capital Markets sales and investment advisory team representing the seller was led by Senior Managing Directors Mark Thomson and Carl Fiebig, Managing Director Fran Coyne, Managing Director Jose Cruz and Managing Director Tyler Margraf.
Coyne added, “Post Brothers continues to be at the forefront of groundbreaking multi-unit housing projects in Philadelphia with notable projects including Piazza Alta in Northern Liberties and their project in Broad and Washington, where they will deliver a total of 2,500 units. We look forward to seeing their continued success as they bring their world-class product to other markets across the United States. »
Thomson added, “In today’s turbulent market, KKR and MREG performed exactly as promised and were reliable counterparties from start to finish. At a time when selecting the right buyer the first time is critical to reaching the closing table, Post Brothers was extremely pleased with the buyer’s execution.
JLL Capital Markets is a global, full-service provider of capital solutions for property investors and occupiers. The firm’s in-depth knowledge of the local market and global investors provides best-in-class solutions to its clients, whether it is investment and sales advisory, debt advisory, equity advisory or recapitalization . The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.
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