Matt Pestronk of Post Brothers speaking at the annual Spruce Hill Community Association meeting. (Photo West Philly Local)

Matt Pestronk did something at last night’s annual Spruce Hill Community Association (SHCA) member meeting that property developers rarely do anymore in the neighborhood. He voluntarily showed up and answered questions from residents about the reasons his company, Post Brothers, plans to spend some $250 million on apartment buildings, including the newly purchased Garden Court Plaza building at 47th and Pine.

Pestronk, who owns the company with his brother Michael, took questions ranging from whether they would allow pets in their buildings (an emphatic “yes” on that one) to whether Post Brothers would convert any rental units into condos and put them up for sale (probably not).

The company has acquired several buildings in recent years including: 4311 Spruce Street; The Netherlands at 4300 Chestnut; Chester Plaza at Farragut and Chester; Chester Hall at 4205 Chester; Hamilton Court at 3800 Chestnut; and Garden Court Plaza. Altogether, they have accrued about 550 units.  Continue Reading

Real estate developer Post Brothers announced recently that it bought the Garden Court Plaza (4701 Pine St.) and is planning upgrades and renovations that has current residents wondering if they will be priced out of their apartments.

Built in the 1920s, the 13-story apartment building, which includes 146 units, was purchased for an undisclosed price as part of Post Brothers $250 million University City acquisition strategy, according to the Philadelphia Business Journal and other news outlets.

A founder of Post Brothers told the Philadelphia Business Journal that there is a shortage of housing geared toward “young professionals” in the area, which he compared to Cambridge, Mass., and that the firm’s strategy is to “upgrade and reposition” properties.

Post Brothers will do substantial renovations to Garden Court Plaza’s interior and exterior and add upscale amenities, according to a press release.

Some current residents who have contacted West Philly Local and asked not be named say they are bracing for big changes, including a substantial rent increase. They said that the new management company has begun asking for tax and pet vaccination information from residents.