PHILADELPHIA, PA - Affiliates of Harbor Group International, a privately owned international real estate investment and management firm, announced the acquisition of Royal Athena, a Class A, 275-unit waterfront multifamily community in the greater Philadelphia area for $59.5 million.
Royal Athena is located in the newly rebranded Pencoyd Landing, home to a new $30 million, 11-acre redevelopment project that will soon become equipped with a public plaza, café, restaurant with terrace and access to trails and bike paths.
The private Pencoyd Bridge offers residents convenient access to Manayunk downtown. The district consists of 275 businesses, including shops, galleries, boutiques, bars and restaurants, making it a premiere destination for young professionals, families, and empty nesters.
Located 15 minutes from Philadelphia's City Center neighborhood, Royal Athena offers an urban feel combined with an exclusive suburban residential setting. Its close City Center proximity also allows for easy access to the region's top employers, universities, and nightlife attractions.
Transit-accessible, Royal Athena is a short walk to SEPTA's Wissahickon regional train station, affording access to City Center in 20 minutes, with stops in East Falls, Allegheny, North Broad, Temple University and Jefferson Station. Additionally, Interstate 76 and Route 1 are less than one mile away.
"Royal Athena is located in a strong Philadelphia submarket with healthy demographics and increasingly strong job drivers," said T. Richard Litton, Jr., President of HGI. "This strategic acquisition directly aligns with HGI's pursuit of luxury apartment communities that are attractive to residents."
The transaction was facilitated by Newmark sales broker Erin Miller and debt through Managing Directors Henry Stimler, Ari Schwarbad and Bill Weber.