Carl Dranoff is selling six of his team’s luxury apartment buildings in and around the city to Denver-based investment company, Aimco, in a $445 million transaction.
The developers announced the news this week, saying that they have a, “pipeline of new and exciting developments” that they’re eager to focus on. “The timing is right to sell six of our premier properties to Aimco and become a major investor in the company,” Dranoff said.
The properties include Locust on the Park—which is in Fitler Square— 777 South Broad and Southstar Lofts—which are both around Hawthorne—and Left Bank in University City. They’re also selling One Ardmore Place in Lower Merion Township and The Victor in Camden. There are just over 1,000 apartment homes and 185,000 square feet of commercial and office space included in the sale.
The sale will up Aimco’s presence in Philadelphia. Currently, they manage several luxury apartment buildings around Center City including the Sterling Apartment Homes, where rent can reach $13,000 for a three-bed place.
In a statement on the sale, Aimco expressed a desire to have a stronger presence in the city, saying Philly’s “stable and diversified economy is enjoying a growth spurt.”
“The city provides a cost-effective alternative to the other Northeastern hubs of Washington D.C., New York, and Boston,” said Aimco Vice President Wes Powell.
Aimco didn’t mention any plans to change or alter the properties after the sale is finalized.