Philadelphia Housing Authority has acquired a recently completed 200-unit development in Olde Kensington as part of its push to purchase several multifamily properties, writes Paul Schwedelson for the Philadelphia Business Journal.
PHA paid $49.1 million for the Avenue V development, which was completed by Philadelphia-based Riverwards Group back in January 2026.
“They gave us a good price that fit us and we accepted it,” said Riverwards Group Managing Partner Mo Rushdy. “It’s never the plan. We don’t go into a rental project to sell. … We negotiated a number that worked for both of us.”
According to PHA spokesperson Nichole Tillman, the anticipation is that the property will be geared to residents ages 55 and up.
The Avenue V property also features 20,000 square feet of available retail space.
This marks the second completed deal between PHA and Riverwards Group, with PHA also acquiring a Riverwards-developed property in Port Richmond last year.
PHA has now spent $235 million over the past nine months to acquire 1,329 units as part of its growing citywide portfolio.
Last spring, it announced plans to spend $900 million to acquire 4,000 units over the next two years.
Read more about PHA’s newest development acquisition and some of its previous transactions in the Philadelphia Business Journal.
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