N. Jersey firm to pay $90M for University Square apartments in W. Philly
A subsidiary of the Orbach Group, an Englewood Cliffs, N.J.-based real estate investment and management firm, plans to acquire and renovate University Square Apartments, an affordable-housing development for seniors in West Philadelphia.
The board of the Philadelphia Authority for Industrial Development voted Tuesday to approve a bond issue of up to $150 million to finance Orbach Affordable Housing Solutions LLC’s planned project at the 3901 Market St. apartment building.
About $90 million of that amount is to go toward the 442-unit complex’s acquisition, according to the Philadelphia Industrial Development Corp., which administers the authority.
Orbach spokeswoman Lauren Turk did not immediately respond to phone and email messages asking about the company’s plans for the property and how proposed renovations will affect existing residents.
Cindy Lempke, a spokeswoman for the building’s current owner, Denver-based Aimco, did not respond to an email.
Orbach said in a June 2016 release announcing the formation of its affordable-housing group that the subsidiary would extend existing government-subsidy programs at the properties it acquires so they remain available to low-income residents.