PHILADELPHIA, PA – Subsidiaries of Harbor Group International, a privately held international real estate investment and management company, announced the acquisition of Royal Athena, a 275 waterfront, class A community in the greater Philadelphia area for $ 59.5 million .
Royal Athena is located in the newly renamed Pencoyd Landing, home to a new $ 30 million, 11 acre redevelopment project that will soon be upgraded with a public plaza, coffee shop, terrace restaurant and access to walking and bike trails.
The private Pencoyd Bridge provides residents with convenient access to downtown Manayunk. The district is made up of 275 businesses, including shops, galleries, boutiques, bars, and restaurants, making it a prime destination for young professionals, families, and empty nests.
The Royal Athena is located 15 minutes from downtown Philadelphia and offers an urban ambience combined with an exclusive suburban residential area. The proximity to the city center also allows easy access to the area's top employers, universities and nightclubs.
Accessible by public transportation, the Royal Athena is a short walk from SEPTA Wissahickon regional train station, which takes you to the city center in 20 minutes, with stops at East Falls, Allegheny, North Broad, Temple University and Jefferson Station. Additionally, Interstate 76 and Route 1 are less than 1 mile away.
"Royal Athena is in a strong Philadelphia submarket with healthy demographics and increasingly strong job drivers," said T. Richard Litton, Jr., president of HGI. "This strategic acquisition is in direct line with HGI's pursuit of luxury residential communities that are attractive to residents."
The transaction was supported by Newmark sales agent Erin Miller and debt by managing directors Henry Stimler, Ari Schwarbad and Bill Weber.