Alterra Property Group has sold The Arch, a 111-unit apartment community in Philadelphia to BridgeStreet Global Hospitality. Situated at 1701 Arch St., the 125,000 sqf, 15-story property consists of studio, one- and two-bedroom units with an average rent of $2,056. The building, which was added to the National Register of Historic Places in 1984, will become part of the Living by BridgeStreet brand. Alterra acquired the building in 2007 in partnership with Patron Capital Partners. Although it was initially planned as a 200-key boutique hotel, Alterra decided to redirect the project into a multifamily, market rate apartment community, due to the recession in 2008.“The Arch is a great compliment to BridgeStreet Family of Brands due to its unique and highly visible location for corporate and leisure travelers,” stated BridgeStreet President & CEO Sean Worker.
