Three buildings, bought for $8.6M

Monday, February 11, 2008

College Manor, a landmark apartment complex in Center City that was constructed at the turn of the 19th century, sold for $8.6 million.

College Manor totals three buildings at 9th and Pine streets and Spruce Street and has 86 apartment units. The buildings at 9th and Pine overlook Pennsylvania Hospital. The apartments were fully occupied at the time of sale.

The property, which caters to students and young professionals, has been owned by one family for three generations, said Josh Nadel of Mallin Panchelli Nadel, who arranged the transaction with colleagues Russ Panchelli and Ruth Lief Miller. The seller's grandparents bought the buildings in the Depression and operated them as rooming houses. The seller's parents later converted them into apartments. Their two sons decided it was time to sell, Nadel said.