By Joshua Burd
Dranoff Properties is selling a well-known luxury apartment building in Camden as part of a six-building, $445 million portfolio sale announced Tuesday.
The Philadelphia-based developer and the buyer, Apartment Investment and Management Co., said the properties encompass 1,006 existing apartments, 110 apartments under construction and 185,000 square feet of office and retail space in greater Philadelphia. The only New Jersey property among them, The Victor, is a former RCA manufacturing building in Camden that Dranoff converted to a 341-unit rental property.
Dranoff also developed or is developing the other locations in the portfolio, which include:
- Locust on the Park in Philadelphia’s Fitler Square neighborhood
- 777 South Broad and Southstar Lofts on the Avenue of the Arts
- The Left Bank in University City
- One Ardmore Place in Lower Merion Township
“Over the past 20 years, we’ve developed and assembled a portfolio of rental properties that has redefined luxury living in the Philadelphia region,” said Carol Dranoff, founder and CEO of Dranoff Properties. “With a pipeline of new and exciting projects on the horizon, the timing is right to sell six of our premier properties to Aimco and become a major investor in the company.”
He added that “Aimco’s expansion and commitment to Philadelphia make them ideal stewards of these trophy assets that we carefully built, owned and managed.”
“I am incredibly enthusiastic about the future of Dranoff Properties as we begin our third decade,” Dranoff said. “Propelled by a strong capital base, powerful brand and deep talent pool, we look forward to delivering a fresh new generation of transformative projects in the Philadelphia region and beyond.”
Dranoff completed its conversion of the former Camden industrial building at 1 Market St. in 2003. The property is the original home of the Victor Talking Machine Co., the record and phonograph company dating back to 1901, which was sold to RCA in 1929.
The transaction is expected to close in the second quarter, not including the purchase of One Ardmore Place, which is expected to close next year after the completion of construction.
“We are thrilled to acquire these well-located communities in Philadelphia, a market we know and like,” Aimco Chairman and CEO Terry Considine said. “I appreciate the significant investment in Aimco made by highly regarded local developer Carl Dranoff and the faith he has in our ability to manage these assets, guarding their quality and providing excellent service to their residents.
“Carl and his talented team have transformed residential living in Philadelphia. I wish them continued success.”
