West Park Towers - 300 & 400 Busti Street, Philadelphia PA,, Philadelphia,, PA,, 19104,
West Park Towers - 300 & 400 Busti Street, Philadelphia PA, 300 Busti Street,
Philadelphia, PA, 19104
Contact Broker for Pricing
Multifamily For Sale
University City Redevelopment Opportunity
2 residential towers totaling +/- 228,772 SF
19 stories per building
Site acreage is negotiable/TBD
Unit mix per building: (18) 1-BR, (36) 2-BR, (54) 3-BR, (1) 4-BR
Seller is Philadelphia Housing Authority
First time to market, the Philadelphia Housing Authority (PHA) has engaged CBRE, Inc. and CVA Commercial Group to act as their exclusive agent in the sale of two of the three apartment buildings at West ParkTowers located at 300 & 400 North Busti Street (the “Property”), in the booming University City/West Powelton submarket.
Built by the PHA in 1964, each tower currently has 109 units in various 1, 2 & 3 bedroom configurations for a current total of 218 units in approximately 228,772 SF. The Property will be delivered vacant at the time of closing and is a tremendous opportunity for the astute real estate developer to re-imagine the Property as multi-family apartments, senior housing, student housing or a mixed-use development or whatever your vision might be. The PHA will develop senior housing in the tower they will retain.
With institutional neighbors such as Drexel, University of Pennsylvania, Hospital of the University of Pennsylvania & Presbyterian Hospital, Children’s Hospital of Philadelphia and the Science Center not to mention the private development at Brandywine’s Schuylkill Yards, Wexford’s UCity Square and Ironstone’s 4601 Market Street redevelopment, this is the most dynamic submarket in Philadelphia! Additionally, the property is located within the newly created Federal Opportunity Zone making the investment even more appealing.
Ample parking surrounds the Property while public transportation is provided by SEPTA’s Market/Frankford subway station directly across Market Street and buses serve the Property providing tremendous access throughout the city. The Property enjoys close proximity to I-76 for vehicular traffic.
For the investor looking for a legacy development opportunity, the time has come!