The Keystone Lofts, a 55-unit apartment building near Cottman Avenue and Keystone Street, was recently sold to an international buyer for $7.9 million.
Rittenhouse Realty Advisors, which brokered the sale, believes the price is the highest ever paid for an apartment building in Northeast Philadelphia at more than $140,000 per unit.
“We are seeing more foreign capital purchase assets in the Philadelphia region, which is driving up pricing,” said Ken Wellar, managing partner at Rittenhouse Realty.
Wellar declined to identify the buyer but said he is from Israel. The new owner plans to continue operating the building in its current use as apartments with one commercial space, which is currently occupied by a glassblowing business, according to Wellar.
The building at 7165 Keystone St. was built in 1923 as a warehouse and was converted to apartments in the late 1980s, according to Rittenhouse Realty. The 2.8-acre property includes 100 parking spaces in a lot behind an electronic security gate, the firm said.
Keystone Lofts was previously owned by Liss Property Group, a local company that controls several other apartment complexes in the Northeast. ••
