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Lofts at Henry Hall in Philadelphia
Investment SalesNewsNortheastPennsylvania

Felicity Street Investments Purchases Lofts at Henry Hall in Philadelphia for $3.6 Million

by Channing Hamilton

PHILADELPHIA — Felicity Street Investments has purchased Lofts at Henry Hall, a 21-unit community located at 2209 N. Broad St. in Philadelphia, from V2 Properties for $3.6 million. Built in 2023, Lofts at Henry Hall offers a mix of one-, two- and three-bedroom apartments. The property also includes a 500-square-foot commercial space on the ground floor. Vince Peruto of Marcus & Millichap’s Philadelphia office marketed the property on behalf of the seller and procured the buyer in the transaction.

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Trailside Village in Forks Township, Pennsylvania
DevelopmentNewsNortheastPennsylvania

Larken Associates Breaks Ground on 420-Unit Community in Forks Township, Pennsylvania

by Channing Hamilton

FORKS TOWNSHIP, PA. — Larken Associates has broken ground on Trailside Village, a 420-unit development situated on 37 acres along Sullivan Trail in Forks Township, 20 miles east of Allentown, Pennsylvania. The community will consist of 21 buildings, including 12 garden-style apartment buildings, seven garage buildings and two mixed-use buildings with 26,795 square feet of retail space. Development slated to complete in 2026. Tenants will have access to indoor amenities such as a clubhouse with game room, lounge, work pods, fitness center, pet spa, mailroom package concierge and storage space. …

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Affordable HousingDevelopmentFeaturesInvestment SalesNortheastPennsylvania

How Philadelphia is Leveraging Vacant Land to Solve Affordable Housing Shortage

by Channing Hamilton

Last year, developers in Philadelphia built hundreds of new row houses on vacant, city-owned lots. The houses would sell to new homeowners at affordable prices. Many housing advocates say it’s not nearly enough. While new, luxury apartments charge record-high rents in neighborhoods around Center City, other streets in Philadelphia are still lined with vacant lots strewn with trash. As rents rise across the city, Philadelphia’s new mayor, Cherelle Parker, has promised to produce 30,000 new units of affordable housing over four years. That’s more than 8,000 units of housing per …

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Keva Flats in Exton, Pennsylvania
DevelopmentNewsNortheastPennsylvania

Hankin Group Breaks Ground on Second Phase of Keva Flats in Exton, Pennsylvania

by Channing Hamilton

EXTON, PA. — Locally based developer Hankin Group has begun construction on the second phase of Keva Flats in Exton, about 35 miles west of Philadelphia. Phase II will comprise 96 units across two buildings. The development team also plans to restore the site’s floodplain to help accommodate the high volume of water associated with severe storms in the region. The project is slated for completion in fall 2026. Phase I of Keva Flats featured 242 units in one-, two- and three-bedroom floor plans across six buildings. Amenities include a …

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Ophelia in Pittsburgh
Affordable HousingDevelopmentNewsNortheastPennsylvania

Greystar, ECHO Realty Break Ground on Mixed-Use Development in Pittsburgh

by Channing Hamilton

PITTSBURGH — A joint venture between Greystar and ECHO Realty has broken ground on a mixed-use project located at the intersection of Penn and Shady avenues in Pittsburgh. The development will include Ophelia, a 231-unit apartment community by Greystar, as well as The Meridian, a 44,000-square-foot retail project spearheaded by ECHO Realty, and parking for both retail and residential uses. Ophelia will offer units in studio, one- and two-bedroom floor plans. Thirty-five apartments will be subject to income restrictions under the city’s affordable housing program. Planned amenities include a fitness center …

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Frankford Grand in Philadelphia
DevelopmentNewsNortheastPennsylvania

U.S. Development Completes 107-Unit Frankford Grand in Philadelphia

by Channing Hamilton

PHILADELPHIA — U.S. Development has completed Frankford Grand, a 107-unit community located at 1120 Frankford Ave. in the Fishtown neighborhood of Philadelphia. The unit mix includes 50 studios, 32 one-bedroom units and 25 two-bedroom apartments. The first move-ins at the community began on September 15. Amenities include a full-size gym, courtyard garden with bocce ball courts, firepit area, sun deck, 12,000-square-foot green roof and a panoramic roof deck with an outdoor kitchen, grilling areas and shaded terraces. Frankford Grand also includes 15,000 square feet of retail space across two floors. …

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FinanceNewsNortheastPennsylvania

Cronheim Mortgage Arranges $44.5 Million Refinancing for Two-Property Portfolio in Bethlehem, Pennsylvania

by Channing Hamilton

BETHLEHEM, PA. — Cronheim Mortgage has arranged a $44.5 million loan for the refinancing of a portfolio consisting of two undisclosed garden-style communities in Bethlehem. The direct lender was not disclosed. The borrower, Larken Associates, will use the funds to cash out and allocate equity toward other projects. The borrower has made capital improvements to both assets during its ownership period, including the construction of 16 new townhomes at one property.

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DevelopmentNewsNortheastPennsylvania

NewCourtland Delivers 178-Unit Mixed-Income Adaptive Reuse Project in Philadelphia

by Channing Hamilton

PHILADELPHIA — Locally based developer NewCourtland has completed a 178-unit mixed-income development in Philadelphia’s East Falls neighborhood. The project is the adaptive reuse of the former Eastern Pennsylvania Psychiatric Institution, which originally opened in 1956 and has been vacant since 2013. The property is now a 12-story residential complex that includes 40 affordable housing units for seniors. NewCourtland won a bid for the 14-acre site in 2015. Architecture firm Looney Ricks Kiss facilitated the transition of the site.

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Mount Penn Manor in Reading, Pennsylvania
Investment SalesNewsNortheastPennsylvania

Morgan Properties Acquires Portfolio of 11 Communities in Pennsylvania

by Channing Hamilton

KING OF PRUSSIA, PA. — Morgan Properties, a development and investment firm based in the Philadelphia suburb of King of Prussia, has acquired a portfolio comprising 3,434 units across 11 properties in Pennsylvania. Morgan purchased the communities from their original developer, DePaul Management Co. The sales price was not disclosed. Matt Stefanski and Zachary Pierce of Berkadia brokered the transaction. The portfolio consists of: The buyer plans to invest more than $80 million in capital improvements to the portfolio. Units throughout the portfolio will be renovated with updates to the …

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Broad + Noble in Philadelphia
DevelopmentLeasing & MarketingNewsNortheastPennsylvania

Toll Brothers Apartment Living Opens $112 Million Broad + Noble in Philadelphia

by Channing Hamilton

PHILADELPHIA — Toll Brothers Apartment Living has opened Broad + Noble, a $112 million high-rise development in Philadelphia’s Callowhill neighborhood. Broad + Noble comprises 326,000 square feet across 19 stories. The residential tower offers 344 units. According to the property website, units come in studio, one- and two-bedroom floor plans. Community amenities include a resident lounge, fitness center, two coffee bars, co-working studio, gaming lounge with billiards, media room, sky lounge, rooftop deck, pet spa, bike storage, package concierge system and community-wide Wi-Fi. The property also includes office and retail …

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