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Post Brothers lists two Philadelphia apartment buildings totaling 514 units
The Darien, built in 2024, and The Poplar, converted in 2021, were offered amid signs of a tightening Philadelphia multifamily market.
Post Brothers has put two adjacent Philadelphia apartment buildings on the market in the Poplar neighborhood, totaling more than 500 units, according to Bisnow.
The Darien at 815 Poplar St. has 212 apartments with average rents of $2,417, or $3.81 per square foot, and it was built from the ground up in 2024. The Poplar at 900 N. Ninth St. features 302 apartments with average rents of $2,640, or $3.12 per SF, after a conversion from a century-old warehouse completed in 2021.
The older Poplar building also includes about 27,000 square feet of office and commercial space, with roughly one-third leased, while the newer building has 5,500 square feet of retail, half of which is occupied by You Say Café, the Philadelphia Business Journal reported.
Post Brothers retained Newmark to market the assets, and CEO Michael Pestronk said the sale comes as Philadelphia’s apartment market has strongly recovered following prior weakness. Bisnow cited CBRE data showing Greater Philadelphia apartment occupancy rose more than half a point last quarter to 96.7%, while rents increased 2%, and it noted regionwide investment sales volume has been down this year, with the first two quarters around $500 million each versus more than $1.5 billion in each of the prior three quarters.