Area served Philadelphia area Founded 2007 | Website PostRents.com | |
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Industry Real Estate Development Headquarters Philadelphia, Pennsylvania, United States Founders Matthew Pestronk, Michael Pestronk | ||
Post Brothers Apartments is a multi-family property development company based in Philadelphia, and has carried out various large-scale projects in the city. Since the company's formation in 2007, the company has acquired and renovated numerous residential apartment buildings in the Philadelphia area. Post Brothers is responsible for the restoration and development of the historic Goldtex building in downtown Philadelphia and the renovation of Rittenhouse Hill, a 624-unit project in Northwest Philadelphia totaling over $250 million in value, purchased and is beginning the renovation of Garden Court, a 105-unit apartment building in University City, part of a $250-million investment strategy in the neighborhood; and Presidential City, a $200-million redevelopment of the historic 1,000-unit complex on City Avenue, among other projects.
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History
Founded by brothers Matthew and Michael Pestronk in 2007, Post Brothers is a vertically integrated residential real estate company.
In November 2011, Post Brothers began work on the rehabilitation of an existing building, known as Rittenhouse Hill, in Germantown, Philadelphia, which would eventually contain 624 housing units, including a mixture of studios, one-bedroom and two-bedroom apartments and over 30,000 square feet in retail space. Multimillion-dollar renovations were completed in July, 2013.
The build was highlighted by Multi-Housing News for its implementation of many Green building features, including energy efficient lighting and a heating and air conditioning system utilizing a high efficiency electric heat pump. The building is completely powered by wind-generated power and became the first building in Philadelphia of this size to use wind energy as the sole source of energy.
In 2012, Post Brothers announced that they would commence with the refurbishment of the Goldtex building, at an estimated cost of $40 million. When completed, the building would be home to approximately 160 loft-style apartments, ranging from studios to three-bedrooms; and 7,000 square feet of retail space. In January 2016, Goldtex received Philadelphia's first LEED Gold-level certification for a residential high-rise with Green building features such as 100% wind-generated power, Energy Star rated appliances, highly-efficient heating and air conditioning system balancing demand throughout the building.
Goldtex has a close proximity to Center City, Philadelphia and had previously been a shoe factory built in 1905. Shortly after the announcement of the building project, the company was criticized by several local unions as the project was offered to non-union contractors.
In 2012, Post Brothers purchased a historic four-building, known as the Presidential City Apartments. After renovations are complete the complex will feature 1038 apartments, approximately 8,000 square feet of retail and an outdoor lounge and pool area.
Post Brothers purchased a 320,000 square foot, partially vacant office building out of foreclosure located on 260 South Broad Street in Philadelphia for over $27 million in July 2012. Post Brothers is expected to convert the former office building into residential apartments or condominiums.
Post Brothers’ most recent redevelopment projects include the purchase of Garden Court Plaza, a 1920s-era, 13-story, 146-unit apartment complex located in University City and Roosevelt Apartments, located in Center City.
Other Notable Projects
Post Brothers Apartments has been responsible for a number of other notable building projects throughout Philadelphia. The company was responsible for the renovation of the historic Delmar Morris Apartments in East Falls, Philadelphia.
Other projects in East Falls area include the 42-unit Pastorius Court Apartments that was gut renovated in 2010; Cloverly Park Apartments, finished in 2009; and a 92-unit Copley Manor Apartments that were sold in 2013.
Non-union contractors
In 2012, Post Brothers Apartments hired a number of non-union workers for a large downtown development project and was involved in an acrimonious battle with representatives of the local construction labor unions when the union-affiliated workers were awarded only 40% of the project, including demolition and electrical work.
The two founders commented on the project, stating that they were "backed into" the situation of opening the project to non-union labor because of project costs rather than having political motives.
Accolades
The founders of the company Matthew Pestronk and Michael Pestronk were both part of Philadelphia magazine's 20 Best Philadelphians list.