Philadelphia's Commercial and Apartment Rental Markets Red Hot

The Lofts at Logan View pictured to the left. One of Center City Philadelphia's most popular residential addresses.

Philadelphia's commercial real-estate and apartment leasing market is holding steady in the midst of the growing economic carnage. Philadelphia's office market, more than the suburbs', has benefited from a steady growth mixed with very little supply.
Historic Landmarks reports that their Philadelphia Apartments have one of the lowest vacancy rates in years. Apartment, retail and warehouse vacancies are at or below averages for the 54 major metro areas as recently audited and surveyed by Real Capital Analytics, a New York-based research firm.
To be sure, the geographic proximity of the region to the crisis on Wall Street -- with Philadelphia about two hours south of Manhattan, give or take -- is a concern among some Philly area's real-estate professionals. As with most markets globally, sales of retail and apartment buildings have slowed since the credit crunch began in the summer of 2007, however the market for Philadelphia apartments remains red hot.

The Philadelphia metro area, home to about 5.1 million people, saw continued growth in its education and health-services sector. And so far overall job growth has remained in the positive territory as of July compared with the year-earlier period, albeit just barely at 0.1%, according to the Bureau of Labor Statistics.

For now, the new luxury lofts and urban condo style apartments offered by Historic Landmarks are at or near capacity with many waiting lists forming. Historic Landmarks has medical student apartments and grad student apartments in some of Philadelphia's most in-demand neighborhoods. Historic offers lofts and Center City apartments, Parkway apartments, University City apartments and Old City apartments.


Many Philadelphia apartment brokers have been asking for rents in the Manhattan-esque $40-per-square-foot range which still seems a little too rich for the City of Brotherly Love.
Historic landmarks apartment buildings and historic building renovation and preservation projects remain true to the city's past architectural leanings and Philadelphia's great historical past. Demand is high for urban living in luxury lofts and upscale Philadelphia apartments.


To Tour any of our Philadelphia apartments and historic buildings in downtown Philadelphia call: 877-563-6754.

Converting Instead of Constructing

Condo conversions take a slower pace today, but the trend still exhibits reasonable revenue potential.

Condo conversions make economic sense in expensive housing markets like Washington, D.C., Philadelphia and Miami, among others where converted rentals remain the best option for entry-level buyers. Companies like Apartment Investment and Management Co. (AIMCO), CityView and J.A. Reinhold Residential look to capitalize on the for-sale trend.

Jeffrey Reinhold expects the conversion trend to stay hot for a long time to come. The CEO of Philadelphia-based Historic Landmarks for Living even formed a separate company to focus just on this niche. J.A. Reinhold Residential aims to solely turn multi-family rentals into condos for sale. The new firm’s initial purchase included five apartments in the area for about $88 million, two of which are being converted into a $55 million to $60 million process. Reinhold’s 110 unit Locust Point will see $9 million in upgrades or approximately $100,000/unit, which would sell from the mid-$200,000’s to mid $400,000’s. The 108 unit Lofts at Logan View will get $7 million in renovations. A one-bedroom could sell for more than $270,000, while the two bedroom could fetch $450,000 or more. Reinhold believes his affordable luxury product will appeal to first-time homebuyers who wish to live in the city but cannot afford the high home prices. The strategy works well for the company since it bypasses land and construction costs to build in such a central location. Another bonus; no oversupply worries because the area isn’t overbuilt and enjoys a robust economy.

Historic Landmarks for Living owns and operates nearly 2,000 apartments in urban areas and is able to provide Baltimore Apartments, St. Paul Apartments, Minneapolis Apartments, Chicago Apartments and Philadelphia Apartments. As a private company it doesn’t look for a fixed IRR. Reinhold remains on the search for suitable investment opportunities to purchase an asset. He keeps his options open to convert the company’s existing portfolio as favorable market conditions dictate.

As the CEO of Historic Landmarks for Living, the company responsible for rehabbing and managing some of Philadelphia’s most interesting rental properties, Jeff Reinhold knew there was an abundance of historic buildings in Philadelphia that could be converted into sophisticated luxury homes.

Yet in the current housing market in Philadelphia, many condominiums are geared toward a wealthier demographic, leaving little choice for young professional homebuyers who want to stay in Center City. For Reinhold, the lack of affordable condominiums presented a new opportunity.

“As the market was starting to appreciate in price, we were starting to see homes and condos inching up towards the $700,000 to $1 million range — prices the -first-time homebuyer really couldn’t afford,” says Reinhold. “In front of me was this great niche waiting to be created.”

Last year, Reinhold launched a new residential real estate company called J.A. Reinhold Residential. The concept was simple: Take well located multi-family properties and turn them into for-sale condominiums. Because the units would be conversions and not new construction, Reinhold could offer the properties at a lower price point, making them accessible to the first-time homebuyer. The first two properties J.A. Reinhold Residential has converted are the Lofts at Logan View at 17th and Callowhill streets and Locust Point at 25th and Locust streets on the Schuylkill River in desirable Fitler Square and adjacent to Schuylkill River Park. Both buildings are conveniently located, with the Lofts at Logan View situated by the Parkway’s museums and minutes away from the Center City business district, and Locust Point set equidistant to both Center City and University City. The sales of offices at both properties are now open with fully furnished models. The properties are being renovated inside and out. Locust Point and Lofts at Logan View are beautiful examples post-industrial architecture, with features like 13- to 17-foot timbered ceilings, exposed brick walls and dramatically tall windows showcasing striking views of the city. The units themselves have been renovated with the high-end details common to luxury condominiums, such as granite countertops, Decora cabinets and hardwood flooring. Pricing at Locust Point, which also boasts 70 parking spots, begins in the high $200,000s for a one-bedroom condo.

“At that price points you would generally have to look for something south of South Street or in Northern Liberties— it would be difficult to find a condominium within walking distance of Center City,” says Reinhold.

A longtime Center City resident himself, Reinhold found his work extremely satisfying, and particularly enjoys the creativity that goes into re-imagining existing architecture. Reinhold eventually hopes to expand the company to other cities, and believes that his conversion model is fulfilling an unmet need in the real estate market. “I know that people really appreciate living in historically significant properties,” Reinhold says. “With our company we’re taking what are already tremendous buildings and doing something truly different — restoring them at a luxury level that is still affordable.”

Two Doomed Buildings Draw a Last-Ditch Plea

By Inga Saffron

Inquirer Architecture Critic

On a day when the Preservation Alliance had expected to be in a Harrisburg courtroom pleading its case for saving two historic buildings on North Broad Street, a crowd of mourners gathered instead to lay flowers at the base of the condemned structures.

. . .Although the alliance decided not to appeal Quigley's ruling, many came out in the freezing weather in the hope of persuading Gov. Rendell to issue a reprieve. Others just wanted a last look at the pair, once home to Philadelphia Life Insurance Co.

Read More Here

Razing of Historic Buildings on N. Broad St.

By Inga Saffron
Inquirer Architecture Critic

A wrecking ball began taking down two historic Broad Street buildings yesterday as part of the Convention Center's expansion, nine days after a Commonwealth Court judge issued a controversial ruling giving Pennsylvania officials the go-ahead.

. . . Late last year, DGS (Department of General Services) announced it would not honor a 2004 preservation agreement signed by the Convention Center Authority and the state Historical and Museum Commission. That action prompted strong protests from the Preservation Alliance, the Design Advocacy Group, the National Trust for Historic Preservation, and others complaining it would make future compromises impossible.

Read the Entire Article

Philadelphia Apartments - Touraine - Center City

Touraine Apartments, 1520 Spruce St., Philadelphia PA 19102
Center City Philadelphia Apartment Rental

Located on a tree-lined street, midway between the refined brownstones and distinguished highrises of Rittenshouse Square and the revitalized business and entertainment district of center city Philadelphia, The Touraine stands tall as the epitome of elegance and sophistication. Built in 1917, The Touraine has served a variety of purposes over the course if its illustrious lifespan, from grand hotel to residential hotel to condominium. The property was given new life in 1983 when well-known developer, Historic Landmarks for Living, acquired The Touraine and spent $16 million to transform it into a luxury apartment building.

From the classic porte cochere entryway to the elegantly appointed lobby to the exquisitely detailed and generously-sized apartments, The Touraine has redefined the art of luxury living. As a resident you'll enjoy all the comforts of home, along with the sophisticated services that you'd find in a fine hotel.

Today, The Touraine towers above the dramatic resurgence of Philadelphia's downtown district, and our residents are right in the center of it all-the fine shops of Rittenhouse Row, an appetizing array of restaurants, theaters, cultural attractions, plus the spectacular Kimmel Center For The Performing Arts and the business center of the city. For discerning residents, there's no greater luxury than living at The Touraine.

Philadelphia Apartment Rental Leasing Office: 215.735.8618

Imagine living in Philadelphia in the dynamic early 1900's. The downtown expanded as businesses prospered and retailers flourished. Majestic banks and office buildings rose to dramatic new heights along Broad Street and neighboring streets to the east and west. The curtains went up on dazzling new theaters and movie palaces. Grand hotels like the Bellevue Stratford, Ritz Carlton, Walton, along with residential hotels and elegant apartment buildings dotted the area, surrounded by refined brownstones.

In 1917, on quiet, tree-lined Spruce Street, renowned architect, Frederick Webber, was hired to design an elegant hotel at 1520 Spruce, next to the towering landmark Drake Hotel. Webber drew his inspiration from the handsome midrise hotels of Chicago and New York's Park Avenue. His 13-story design featured a porte cochere entryway, a distinctive architectural detail that has virtually vanished from the landscape of today's Philadelphia. The lobby was small and elegant, appointed with marble-tiled floors, fluted columns, sparkling crystal chandeliers, hand-finished moldings and pediment doorways, design details that have withstood time and the various transformations of The Touraine over the years.

In 1983, the property was given new life when prominent developer, Historic Landmarks For Living, acquired the Touraine and invested $16 million to fashion a luxury apartment building. Great care was taken and no detail was overlooked during the restoration to create a quality of life that was second to none. The unique details of the building's distinctive exterior were painstakingly restored. The grand lobby was lavishly refurbished and acessorized with handsome furnishings and accents. A 24-hour doorman and front desk man serve as a sophisticated welcome. But it is the residences themselves that are the defining qualities of The Touraine.

Captivating, spacious floor plans were created to present a sense of home-style comfort. Large, leaded glass windows and French doors now invite plenty of natural light and impressive views into most residences. Many apartments feature ornamental fireplaces with hand-carved mantels, hardwood oak floors, intricate woodwork, European-style gourmet kitchens and an abundance of space. Historic Landmarks preserved the best details of the past and complemented them with a host of luxurious amenities.

The Touraine offers all the elegance, all the quality, all the comforts you'd expect living in a landmark. Come experience a lifestyle that towers above the rest, in a building that has no equal in Philadelphia.

Philadelphia Apartment Rental Leasing Office: 215.735.8618

Philadelphia Apartments - The Lofts at Logan View

The old harrington hoist building was given a lift when it was revitalized as a landmark for luxurious loft apartment living.

We've blended the best details of the past with innovative design and contemporary features...the result is loft living on an incomparable level.

As a thriving metropolis Philadelphia has many parts, but the best of its past, present and future can be found in Center City. This is Philly's business district, anchored by gleaming skyscrapers and the Victorian landmark City Hall, which is crowned by an enormous statue of Philadelphia and Pennsylvania founder, William Penn.

Center City has been re-energized with many recent developments, such as the massive Convention Center complex. New hotels, restaurants and retailers have opened to rave reviews. And Broad Street, the core of Center City, has become "Avenue of the Arts," a lively thoroughfare mixing business with theaters, eclectic entertainment, and the centerpiece of it all, the majestic Kimmel Center for Performing Arts.

Take a stroll and see why Philadelphia is one of America's most walkable cities. Everything you need is close by. All the essential services for work or home. The upscale stores of Rittenhouse Row and great shopping at Liberty Place and the Gallery at Market East are close by. The nearby historic Reading Terminal Market has been reborn as an international food bazaar. Restaurants catering to every culture, cuisine and price range are ready to serve. Living at Logan View places you close to the cultural attractions lining the Ben Franklin Parkway and the recreational amenities of Fairmount Park and Boathouse Row. Plus, you're minutes away from hot and happening historic Old City, the Penn's Landing waterfront district, eclectic South Street, the expanding campuses of Drexel and University of Pennsylvania, and the many delightful diversions of a thriving city.

Commuters will find Logan View very easy to come home to, as all forms of public transportation and major highways are nearby, and parking lots are plentiful.

Living in a Landmark building and being in the center of it all is as close to perfection as you'll find in apartment living!

Philadelphia Apartment Rental Leasing Office: 215.751.0865

Philadelphia Apartments - Packard Motor Car Bulding

The Packard Motor Car Building
317 North Broad St.,
Philadelphia PA 19107

The early 20th century was an era of new prosperity for Philadelphia. Businesses flourished, the downtown district became the center of attention and mass transit made the city more accessible than ever. The popular new automobile was becoming an affordable luxury and people flocked to the auto dealerships located along Broad Street to see the new models.

The dealerships were lavish temples, and the showroom of the Packard Motor Car Company, built in 1910 at 317 N. Broad Street, was a prime example. Packard commissioned acclaimed mid-western architect, Albert Kahn, to create a building that would be unrivaled in Philadelphia. From the limestone and terracotta trim on the exterior to the majestic two-story lobby inside, the Packard was designed to be the model of excellence.



In 1985, prominent urban restorers, Historic Landmarks For Living, acquired the property and spent millions to transform it into a distinctive high-rise of 151 luxury apartments. Great care was taken to preserve the significant architectural features of the past and blend them with modern amenities. Step inside the award-winning, restored grand lobby and you’ll see the exquisite details still in place, complemented with contemporary furnishings and a full-size neon sculpture of a vintage Packard Motorcar. The dramatic design continues on every level, where curved hallways lead to creatively designed apartments featuring airy window walls, spacious floor plans and almost every amenity imaginable.

The name that once symbolized uncompromising style, class and comfort now endures as a landmark for luxury living. It’s no wonder the Packard Motorcar Building is one of the most preferred residences in town!

Get more information by calling our Philadelphia Apartment Rental Leasing Office:
Telephone: 215.351.0930

Philadelphia Apartments - The Chocolate Works

Welcome to HISTORIC LANDMARKS FOR LIVING. The Chocolate Works is located in the heart of historic old city Philadelphia, now one of the hottest areas in town! The dynamic resurgence of this neighborhood places you right in the center of community theaters, galleries, trendy shops and services, eclectic clubs, and cafes. Plus, you're within walking distance to the quaint brownstones and attractions of Society Hill, the Market Street East shopping and historic corridor and the entertainment venues along Penn's Landing waterfront district. Parking is plentiful in the area, the Ben Franklin Bridge, going to and from New Jersey is close by, as are major highways and public transportation. The history of Chocolate Works dates back to the late 19th century when the building was home to the world-renowned Wilbur Chocolate Company. The five historically certified buildings that comprise this complex were handsomely restored by Historic Landmarks in the 1980's and transformed into a luxury apartment community of 135 distinctive residences. Great care has been taken to preserve such architectural details as exposed brick and wood beams, high arched windows, and unique portholes, while adding such tasty ingredients as an elaborate, landscaped forecourt with Victorian-style trellis and steel sculptures, and an inviting glass-walled lobby. The studio, one, and two bedroom residences are generously sized and offer a full complement of luxury amenities such as professional 24-hour property management and a full-time front desk to ensure your complete satisfaction and peace-of-mind.