**The Drake Apartment Tower in Philadelphia Sold to New Ownership Group**
The Drake, an iconic apartment tower located in Philadelphia’s Rittenhouse Square neighborhood, has officially changed ownership.
A partnership comprised of Lionheart Realty Group, Lineage Squared, Avery Companies, and AMS Equities acquired the historic property. The transaction was brokered by Newmark’s Multifamily Capital Markets team, including Executive Managing Director Erin Miller and Associate Chris Koehler, on behalf of the seller. Financing for the acquisition was arranged by Lument Managing Director Mark Vinitsky.
“The Drake presented a rare opportunity to acquire an iconic property in an irreplaceable location,” said Yehudah Greenberg of Lionheart Realty Group. “We see tremendous potential to enhance value for our tenants and the broader community through strategic capital investments and a strong focus on the resident experience.”
Originally constructed in 1929 as a hotel, The Drake was fully repositioned in 1998 into one of Philadelphia’s premier residential communities. Today, the 32-story building comprises 289 apartment units and 8,500 square feet of ground-floor commercial space, currently occupied by a theater company.
The acquisition marks a significant investment in one of the city’s most illustrious landmarks, adding new promise for modernization and community enrichment in the years ahead.
