“You’re getting a call from someone who controls an asset that has no liquidity, and it’s a potential conversion or a piece of land,” Post Brothers co-founder Matthew Pestronk said. “Throw out the lowest number that they won’t be insulted by, say you need this much time to execute, and you’re getting answers of, ‘Huh, let us think about […]
Philadelphia developer Post Brothers bought the older 2100 M St. NW building for a potential residential conversion earlier this year.
While developments like Post Brothers’ $500 million, 1,100-apartment Piazza expansion are nearing completion, dozens of others are kicking off or in the works.
As the economy shows signs of weakness, however, investments such as Presidential City are getting a second look because they have high occupancy levels with regular cash flow and the prospect of growing rents at a steady pace, said Mark Thomson, a broker at JLL who represented the apartment complex’s seller, local real-estate developer Post Brothers.
Read more at Wall Street Journal