Papermill Lofts

236 North 2nd Street
Philadelphia, Pennsylvania 19106

In 2012, Alterra acquired 45 apartments in five adjacent buildings and a 20-space surface parking lot in the Old City neighborhood of Philadelphia. We completed cosmetic renovations, lowered expenses, and improved operations to bring the property to 95% occupancy and recapitalized the asset. Following recapitalization, we built a new 25,000 square foot building containing 20 apartments on the surface lot. The entire 65 unit property was 98% leased in December 2014 when it was sold at a multiple in excess of 4x on initial equity.