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Philadelphia Housing Authority Pays $49M for Apartment Development
The Philadelphia Housing Authority (PHA) has paid $49.1 million for a recently completed 200-unit development, amid the organization’s push to buy multifamily properties.
Philadelphia-based Riverwards Group completed the Avenue V development in January before selling the property to PHA, reported the Philadelphia Business Journal. The development is located at 1635 N. 5th St. in North Philadelphia’s Olde Kensington neighborhood.
The property also has 20,000 square feet of available retail space. It’s the second phase of Riverwards Group’s Avenue V project. The 82-unit first phase was sold for $25.2 million in 2022. The most recent sale is the second deal between Riverwards Group and PHA.
The developer completed the 220-unit first phase of its Somerset Station development in Port Richmond and sold the property to PHA for $58 million in May. The Somerset Station sale capped a nine-month stretch in which PHA spent $235 million to acquire 1,329 units as part of its Opening Doors initiative.
