Scully Company announces the acquisition of The Sansom apartment building in the Rittenhouse Row neighborhood of Philadelphia. The Sansom is a 104-unit, eight-story class-A apartment building located at 1605 Sansom Street. The seller was a New York based investor who owned the community since 2014. The sale and financing were coordinated by the Newmark Philadelphia office.
The Sansom represents the third Rittenhouse building in Scully Company’s portfolio of more than 40 properties throughout the Northeast and Florida, with a heavy presence in Center City Philadelphia. “We love the Rittenhouse neighborhood and found The Sansom to be a perfect fit for our portfolio and strategy,” said Jessica Scully, President of Scully Company in a statement. “I am excited to be a part of the transformation of the 1600 block of Sansom.”
The Sansom was developed in 2013 by Pearl Properties and designed by Philadelphia’s DAS Architects, as an infill development of a parking lot site that used to have several low-rise, nineteenth-century buildings in disrepair with stores on the first floor. In addition to the apartments, it includes 9,900 square feet of ground floor retail space occupied by Adolf Biecker Spa and Salon and Cook N Solo’s restaurants, Abe Fisher and Dizengoff.
Scully Company will provide light renovations to refresh the nine-year-old building. The apartment mix includes studios, one and two bedrooms. Unit features include 9’and 10’ ceilings, granite countertops, stainless steel appliances, plank floors, large double windows, and in-unit washer/dryers. Building amenities include a concierge, residents’ lounge, roof deck, and 24-hour fitness center. The building is pet friendly.
John Schonborn, Managing Director of Investments, shared “We are pleased to have closed this acquisition in today’s challenging capital markets environment. The ability to buy a post-2010 built mid-rise in one of the city’s top sub-markets at a material discount to replacement cost on a block that will be further enhanced with the completion of Southern Land Company’s Somi 1620 luxury apartment hi-rise presented a very compelling investment opportunity.”
The Sansom garnered national media attention in 2020 as the home of Wharton MBA student Ben Berman, who sold homemade pizzas in a lottery system, and lowered the pizzas from his second-floor apartment windows with ropes and pullies to customers on the sidewalk. Berman raised $75,000 for charities like Project Home and Philabundance through his Good Pizza campaign. He has since given Good Pizza to Philabundance and moved to Brooklyn.
Newmark Executive Managing Directors Lizann McGowan and Erin Miller represented the seller in the transaction, with support from Transaction Manager Marybeth Farris and Associate Chris Koehler. The financing was arranged by Newmark’s Debt Advisory team, led by Matthew Cullison and Adam Rudman.