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$150M to Renovate 2 Center City Apartment Buildings

By Natalie Kostelni | Philadelphia Business Journal
|  Friday, Apr 4, 2014  |  Updated 2:33 PM EDT
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Center City Apartments Get $150M Makeover

Park Towne roof lounge.

The owner of two iconic apartment complexes in Center City will invest more than $150 million repositioning the properties.

Aimco, owner of the Sterling and Park Towne Place, had been planning to upgrade the properties for some time but is finally moving forward with the improvements with an eye toward competing in an apartment market that is facing increased competition from new multifamily developments.

As new apartment projects come onto the market, existing landlords will be faced with the question about what to do with their properties. Their dilemma: maintain the status quo and be a low-cost alternative or plow possibly tens of millions of dollars into their property to compete. Read more about this story on PBJ.com

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