Changes afoot to update 1920s classic Alden Park Manor
When Alden Park Manor opened its doors at 5500 Wissahickon Ave. in the 1920s, the literary characters Bertie Wooster and Jeeves would have felt right at home in a flat there.
When Alden Park Manor opened its doors at 5500 Wissahickon Ave. in the 1920s, the literary characters Bertie Wooster and Jeeves would have felt right at home in a flat there.
Every apartment in the complex had a working fireplace. Many units were 10-room "homes" that included separate rooms and baths for live-in servants, as the sons and daughters of the well-to-do traded their dull Main Line existence for the anonymous Jazz Age lifestyle of Philadelphia, with many staying on as they married and raised families.
Even in recent years, Alden Park Manor has been known for low vacancy rates and as a home to several generations of Philadelphia families.
Outside, Alden Park, designed by Edwin G. Rorke in 1925 on 38 acres of the former Strawbridge property at Wissahickon Avenue and School House Lane, has changed little in 91 years.
The three buildings - Alden Manor, the Kenilworth, and the Cambridge - are the same brick Tudor revival/art deco style popular at the time.
The Olympic-size indoor swimming pool, with its tiled floor and retractable roof, looks as if it had been spirited to Germantown from ancient Athens.
The apartments - 764 of them, from studios through four-bedrooms - are a bit dated, however.
That is changing.
In fall 2015, L3C Capital Partners of New York bought Alden Park Manor for $59 million.
The real estate investment firm, which specializes in multifamily assets "with value-added opportunities," is adding to Alden Park Manor's value by spending $60 million on upgrading the interiors, exteriors, and amenities.
"Its close proximity to essentially everything Philadelphia and the surrounding areas have to offer makes Alden Park a prime property to invest in," said Jonathan Leifer, L3C Capital Partners' founder and chairman.
Leifer promised to preserve the "original architectural integrity of Alden Park," which is on the National Register of Historic Places.
"We are struggling with the entire property when it comes to historic restorations," said Antoinette Marie Johnson, whose Philadelphia firm, At Media, represents L3C and Village Green, the new property-management company for Alden Park.
"The tile in the indoor pool area is beautiful and historic, but dated, so unique restoration efforts are required," Johnson said.
All the apartments will get new kitchens, living areas, and baths, she said.
The construction timeline established by the new owner will bring renovated units back into the mix each week, she said.
Current residents are first in line to move into the upgraded apartments if they wish, Johnson said.
The phrase "resort-class" is being applied to the renovation and addition of outdoor amenities at Alden Park Manor. These are increasingly important to the apartment industry these days as more young professionals choose renting over buying.
For example, at Presidential City on City Avenue, Post Bros. is creating a resort-like facility called Sora, which in Japanese means sky, based on what the developers saw at other complexes worldwide.
At 3737 Chestnut St., developer David Yeager offers an area on the roof that has sofas, chairs, tables, and grills for barbecuing.
At Alden Park, existing resort-class amenities will be updated and new ones added indoors and out "to create a retreat-like atmosphere for residents," Johnson said.
Included will be a new dog park, pools, a gourmet outdoor kitchen, clubrooms, state-of-the-art fitness centers, and tennis courts, she said.
Rents at Alden Park currently range from $925 for a 532-square-foot unit to $3,240 for a 2,556-square-foot apartment.
Johnson said about one-third of Alden Park's tenants are associated with Philadelphia University, which is merging with Thomas Jefferson University.
The complex is L3C's first property in Philadelphia, but it is looking to do more here, Johnson said.
"They recognized Alden Park as a rare property in this market," she said.
215-854-2472@alheavens