MPN - Portfolio Of Five Sold

Wednesday, September 3, 2014

A portfolio of five properties along Vine Street and North 3rd Street in Old City that has 14 loft apartments sold for $3.56 million. The seller, a private local partnership, was considered ahead of the curve in seizing on the potential of residential rentals in Old City, said Ruth Lief Miller, a broker with Mallin Panchelli Nadel who arranged the sale with colleague Veronica Gintel. The seller bought the buildings, old warehouses, and turned them into lofts and has rented them out since the 1970s, she said.

"He was an innovator ... a pioneer," Miller said. Indeed, Old City has become a hotbed of residential activity in recent years.

The buyer of the properties at 233 Vine St. and 301, 303, 305 and 307 N. 3rd St., a private local partnership, will likely convert them into condominiums, she said. The first floor of each building houses retail space.