$60M Renovation to Alden Park Underway
Alden Park, the historic apartment community that once counted Grace Kelly among its tenants, has begun a $60M renovation.
The property, purchased in 2015 by L3C Capital Partners, was built in 1929 and last underwent a renovation in the late '90s. In addition to unit renovations, L3C plans to add and upgrade several amenities, Curbed reports.
The complex, which overlooks Wissahickon Park, will see the addition of a dog park, a fitness center, an outdoor pool and tennis courts, among other luxuries. L3C bought the 38-acre property for a reported $59M. The 470k SF community boasts 764 units across three major buildings, and is listed on the National Register of Historic Places.
Renovated units are reportedly already available, ranging from studios (renting at $1,078) to four-bedrooms (renting at $3,726). The renovation is also coming with a rebranding effort led by At Media, whose CEO says they want to reinforce the "vacation-like atmosphere" for which it originally gained fame. [Curbed]
