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Since its establishment in 2006, Philadelphia-based apartment developer and operator Post Brothers has raised more than $400 million in capital from family offices and high-net-worth individuals. Initially, the firm—founded by brothers Matt and Michael Pestronk—put that equity toward class-A apartment projects in Philadelphia. But the brothers have recently ventured outside the City of Brotherly Love.
In the fall of 2017, the firm bought a 12-story, 320-unit apartment high-rise in North Bergen, N.J. for $166 million. The property, called The Duchess, sits along the bank of the Hudson River in New Jersey’s Gold Coast area. That was the firm’s first investment away from its home territory.
Eyeing a further expansion of its portfolio, Matt Pestronk, president of Post Brothers, says the company is “actively looking” at major projects in the Washington, D.C. market. In addition, the firm is flirting with a potential entry into the Los Angeles market.
Post Brothers hasn’t forgotten about its hometown, though. This April, the company wrapped up its $17.25 million purchase of the dilapidated Quaker warehouse in Philadelphia. Post Brothers plans a $100 million makeover of the property as a mixed-use development with 350 apartments and office or retail space.
Matt Pestronk says the Quaker property is part of a “broader area that we have a huge plan for”—a plan that envisions a “Philadelphia-scale Hudson Yards.” Two developers, The Related Cos. and Oxford Property Group, are spearheading the massive Hudson Yards development in Manhattan.
Today, Post Brothers’ $1.3 billion portfolio comprises about 3,000 class-A apartment units in Philadelphia and northern New Jersey, as well as about 200,000 sq. ft. of complementary commercial space. Another 3,000-plus...