Real estate investment firm Dalzell Capital Partners LLC of Westport, Conn., has made its second Philadelphia acquisition: a newly completed 32-unit apartment building at 514 South St.
Dalzell purchased the five-story building residential building with ground-floor retail space for $9.35 million on Dec. 19, according to records filed with the city. In August, it paid $10.8 million for another newly constructed apartment building, a 34-unit project at 1430 South St.
Dalzell managing partner Christian Dalzell said in an email Monday that the Queen Village and Graduate Hospital areas in which those properties are located are attractive places for such investments because of the difficulty in assembling land in the rowhouse neighborhoods for new apartment supply.
“Both assets are very well located in extremely dense locations where future growth is limited by tremendous physical and structural barriers to entry,” he said.