A six-building University City apartment portfolio has been purchased for $5 million by a local buyer who plans to renovate units as leases turn over.
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Loonstyn Properties purchased 41 apartments in University City for $5 million.
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The portfolio includes six buildings near Drexel University’s campus.
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Loonstyn plans to renovate units and improve technology as leases expire.
A portfolio of apartments across six buildings in University City was recently sold.
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by Paul Schwedelson
Published Oct. 9, 2025,
Philadelphia-based Loonstyn Properties purchased the 41-unit package at 3301-15 Powelton Ave., just north of the Drexel University campus. The portfolio consists entirely of one-bedroom, one-bathroom apartments.
The buildings are on the northwest corner of North 33rd Street and Powelton Avenue, west of the 30th Street Station rail yard. The purchase includes 21 parking spots.
Property records show the seller as 3301 Powelton Associates. The entity owned the buildings since 1985, said MPN Realty’s Nadia Bilynsky, who represented the seller in the off-market deal that closed Tuesday.
“Demand in University City right now for both value-add and stabilized apartment buildings is very strong considering today’s environment and interest rates,” Bilynsky said.
Loonstyn plans to renovate the apartments as they come available, improving technology with smart access and adding internet connections.
The investor owns about 300 apartments, with a large presence nearby in Powelton Village as well as in Fairmount and around the Philadelphia Art Museum. The purchase extends Loonstyn’s holdings on the block, where it already owns 3301-15 Powelton Ave.
“Being able to acquire 41 units either under one roof, or continuously like in this case, is difficult in today’s market,” Bilynsky said. “We were able to secure a buyer for this fairly quickly.”
The deal took just a couple months to put together, a testament to the strength of the University City market, Bilynsky said.
The apartments are fully occupied and renting between $900 and $1,100 a month, which is below market rate, Bilynsky said. The average apartment monthly rent in Philadelphia is $2,004, according to Rent Café.
Bilynsky and MPN Realty colleagues Steven Clofine and Chris Cimino represented the seller and procured the buyer
