POST BROTHERS Apartments has purchased the Presidential City Apartment Complex, off City Avenue, for $51 million, Post Brothers' chief executive, Michael Pestronk, said Monday.
Pestronk said that he and his brother Matthew, the principals of Post Brothers, began negotiating to buy the four 12-story towers about three months ago after learning that another potential buyer decided to back out.
Pestronk said that they decided to buy Presidential City because of it's "irreplaceable location."
"It's right at 76 [the Schuylkill Expressway] and City Avenue," Pestronk said. "It's right in the middle of everything."
He said that the company plans to start renovations at Presidential City, which is about 90 percent occupied, in about six months.
The plan is to renovate apartments as old tenants leave, and it's likely that they'll keep the name Presidential City, Michael Pestronk said, adding that they don't plan to ask current tenants to move out.
Presidential City's website describes it as "luxury apartments" in a "gated high-rise community" with an Olympic-sized pool, fitness centers in each building, a playground and "beautiful skyline and park views."