The Drake, a historic apartment building in Rittenhouse Square that has been in the city for nearly a century, has been sold, writes Paul Schwedelson for the Philadelphia Business Journal.
The investors who have acquired the iconic Spanish baroque buildings plan to make capital improvements to the property, hoping to enhance its tenant value.
“We see tremendous potential to enhance value for our tenants and the broader community through strategic capital investments and a strong focus on the resident experience,” Lionheart Realty Group’s founder Yehudah Greenberg said in a statement.
Lionheart Realty Group partnered with Lineage Squared, Avery Cos., and AMS Equities to acquire the property.
The 32-story Drake building is listed on both the Philadelphia and National Register of Historic Places.
It was built in 1929 as a hotel. Currently, it has 289 apartments and 8,500 square feet of ground-floor commercial space occupied by the InterAct Theatre Company.
According to marketing materials from Newmark — who brokered the sale deal — said the building is 93 percent occupied.
Read more about the sale of The Drake building and its new owners’ plans for it in the Philadelphia Business Journal.
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