Oakwood Philadelphia Apartments
Oakwood Philadelphia Apartments is a multi-family apartment community consisting of 80 residential dwelling units located within a single 13-story building. The building also provides retail space at the ground level and office space on the second floor. The property was originally constructed circa 1945 as an office building and reportedly the building has also been used for a hotel. The improvements were last renovated and converted to apartments in 2001.
As part of a larger portfolio transaction, PR&A was tasked with evaluating the condition of the structure and identified a significant number of fire and life-safety items needing to be addressed. Research into the building history and the building code uncovered variances granted by building code officials which allowed for one means of egress as long as other fire and life-safety provisions were incorporated into its design. However, as a function of our review, it was determined that not all the agreed upon provisions were completed and additional substantial work was required. Reviewing a historical structure presents challenging issues which during due diligence periods can be missed due to time constraints. Our seasoned professionals can be counted on to identify anomalies that may result from converted spaces.