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Multifamily/Seniors Housing Beat

Old downtown Philly factory set for rebirth as luxury lofts

A partnership of Philadelphia Management and Los Angeles-based Thomas Properties Group has begun the $25 million conversion of a former factory in downtown Philadelphia into a 168-unit complex of luxury lofts. Occupancy will begin this fall. The eight-story complex, which will be called 2121 Market, will include 20,000 sq. ft. of ground-floor retail space.

The complex will feature one- and two-bedroom units, and the units will range in size from 600 sq. ft. to 1,200 sq. ft. The apartments will contain 12 ft. ceilings, restored hardwood floors, exposed columns as well as industrial-sized windows.

The facility, built in 1915, originally was the headquarters of Laird, Schober & Co., a maker of women's shoes. The building has been vacant since the late 1980s and has been nominated for the National Register of Historic Places.

The 2121 Market project is part of a trend in the Center City section of Philadelphia, as developers convert older office and industrial properties into residential complexes to meet the demand for urban living. Due to space constraints and other factors, there is a lack of new apartment construction. “The supply [in Center City] is very tight,” said James A. Thomas, chairman of Thomas Properties Group. “These types of projects have been very well-received.”

SSR Realty plucks down lots of green in Orange, Calif.

SSR Realty Advisors Inc., based in White Plains, N.Y., and San Francisco, has purchased Meridian at Town & Country, a 280-unit, Class-A apartment complex in Orange, Calif., for $42.6 million on behalf of a pension fund client. Dallas-based Northern American Communities, the developer of the community, sold the property. The complex, which was completed in 2000, was 95% occupied at the time of the sale.

Meridian features one- and two-bedroom units. Amenities include gas fireplaces, in-unit washers and dryers, two pools, a barbecue and picnic area, patios and balconies, and a fitness center.

Classic Residence by Hyatt begins digging in Florida dirt

Chicago-based Classic Residence by Hyatt has begun construction of two 23-story senior living towers in Aventura, Fla. The development, the occupancy of which is slated for fourth-quarter 2002, will be called Classic Residence by Hyatt in Aventura. The community will feature 247 independent living units, 14 assisted living units, 12 Alzheimer's suites and 40 skilled nursing beds.

Entrance fees will range from $173,800 to $668,000, and monthly rents will range from $1,565 to $4,470. Amenities will include housekeeping and laundry services, fitness programs and wellness services, and a heated indoor pool.

Metropolitan Atlanta welcomes Preston Pointe

Macon, Ga.-based LandSouth has opened Preston Pointe, a 346-unit luxury apartment complex located about 30 miles from downtown Atlanta in Forsyth County, Ga. The $27 million complex consists of 14 buildings.

The complex features one-, two- and three-bedroom units that range in size from 900 sq. ft. to 1,500 sq. ft. Monthly rents range from $790 to $1,280. Each apartment contains high-speed Internet access, security systems, balconies and built-in microwaves. The complex also features a lighted tennis court.

Joint venture between Lincoln and Equity is busy in Jersey

A joint venture of Dallas-based Lincoln Property Co. and Chicago-based Equity Residential Properties Trust has broken ground on two waterfront apartment projects in Jersey City, N.J. The two communities, North Pier Apartments and Hudson Point, have a combined projected development cost of more than $100 million. Construction of North Pier, which began in April, is expected to take 22 months to complete. Meanwhile, the completion of Hudson Point is slated for summer 2002.

North Pier Apartments will feature 300 luxury units in an eight-story, 480,000 sq. ft. building. The property, located across the Hudson River from Manhattan's financial district, will project approximately 900 feet into the river.

The six-story Hudson Point will contain 181 units and will be located on the Morris Canal basin. The complex also will feature a 192-space parking facility, a 27-slip marina and an 800 ft. riverfront promenade that will be open to the public.

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BREAKING NEWS: Turn to page 102 for complete coverage of the Archstone-Charles E. Smith merger.

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