Two 350-Unit Apartment Buildings Philadelphia, PA

Two centrally-located, fully occupied apartment buildings in poor physical condition were being taken into receivership. An AthenianRazak predecessor firm was chosen as receiver. Senior staff coordinated immediate repair plans to ensure the safe operation of these properties. Plans included actions ranging from cosmetic upgrades to facilitate leasing to significant structural, fire safety, and electrical repairs. Repairs were coordinated and executed while the buildings were occupied. The team stabilized existing residential and retail tenants and began an active marketing program for available space.

The team facilitated the sale of one property within several months and the second property within a year, both at the top of current markets.