Queen Village Apartments — Philadelphia (2022–2025)
THE SITUATION
Revolution's own asset. In 2022 we acquired an existing three-story Philadelphia building on a simple thesis: unrealized value sat in the structure and the air rights above it — capturable only by taking it through entitlement, adding a story, and reconfiguring the interior while holding cost, schedule, and lender draws on a live construction project.
WHAT WE DID
From 2023 through 2025, we redeveloped it — a fourth story added, the interior reconfigured into seven apartments, the ground floor built out as commercial space — as both project executive and owner's representative, from acquisition through 100% occupancy:
- Acquisition underwriting, the 2022 purchase, and the entitlement and approval process to add a story and change the unit count
- Feasibility, proforma, and sources-and-uses; architect, structural and MEP engineer, and general contractor selection and contracts
- A construction budget and draw process disciplined enough to keep the lender comfortable throughout
- Day-to-day construction oversight — schedule, change orders, budget reconciliation — plus leasing of the seven apartments and the ground-floor commercial space
WHY IT MATTERS
The questions asked here are the ones asked on every client engagement: is the contractor's number too low to hold, what is missing from the mechanical plan, will the lender fund the next draw, does this unit lease at the rent we underwrote? Most owner's representatives last delivered a project five or ten years ago — costs, lending, and tenant expectations have all changed. This service is anchored in active, present-tense, principal-side development.
The questions I asked on my own building are the questions I will ask on yours.