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August 18, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Westport’s Dalzell Capital Partners expands Philadelphia multifamily holdings

The Center City district in Philadelphia.

Dalzell Capital Partners LLC, a Westport-based real estate investment and management firm, is expanding its presence in the Philadelphia market with the $18.7 million acquisition of a four-property multifamily portfolio.

The portfolio, which was acquired from Philadelphia-based commercial real estate developer Alterra Property Group, consists of properties in the Center City district that underwent conversion and renovation over the past five years, with a total of 65 units spread across the four buildings. This transaction marks the second time in three months that Dalzell acquired Center City real estate, following the June 27 acquisition of a 62-unit mixed-use property for $21 million; Dalzell also acquired two other Center City properties over the previous year, which brings its portfolio total to 192 units and 8,500 square feet of commercial space.

Dalzell Capital’s continued investment in Center City demonstrates our positive long-term outlook on Philadelphia, which is enjoying an accelerating economic expansion,” said Christian Dalzell, managing partner at the company. “The rare opportunity to expand our footprint across Center City through the acquisition of four outstanding properties at an attractive valuation is something we are extremely excited about.”