Dwight City Group, the investment arm of Dwight Capital, has opened 901 Quarry, an 84-unit luxury property in Upper Darby, Pa., a Philadelphia suburb.
The community represents the adaptive reuse of a 125,000-square-foot warehouse dating back to 1925 that remained abandoned for three decades. Dwight acquired the property from a private investor in 2021 for $2.5 million and financed the redevelopment with a $8.2 million loan from American Heritage Federal Credit Union, public records show.
The four-story 901 Quarry encompasses a mix of one- and two-bedroom floorplans, with ceilings up to 16 feet. Apart from onsite parking, planned amenities include a playground and dog park, which are slated for completion in spring 2024.
Located at 901 Quarry St., the 3.2-acre property is close to Mercy Fitzgerald Hospital and Powell Park. Philadelphia International Airport is 6 miles away, while downtown Philadelphia is 12.4 miles northeast.
Multifamily completions in the Philadelphia market amounted to 3,944 units year-to-date as of October, according to Yardi Matrix information. During the same period of 2022, only 3,018 units entered the metro’s inventory.
