PHA Continues Expansion with $49M North Philly Buy; TerraPower Inks South Philly Hub

Philadelphia Housing Authority expands with a $49M North Philly acquisition. Plus, TerraPower’s $450M South Philly lease and self-storage deals in Northern Liberties.

By: AXL Media

Published: Mar 21, 2026, 7:00 AM EDT

Source: Bisnow

PHA’s Strategic Portfolio Growth

The acquisition of the North Fifth Street property follows PHA's May 2024 purchase of 220 units from Riverwards Group. These deals are part of a broader push by the agency, which has spent $280.6 million to acquire 1,515 units across 17 properties in just 14 months. Riverwards Managing Partner Mo Rushdy noted that the sale wasn't driven by market distress but rather a "great deal" that aligned with the firm's financing goals. The move reflects PHA's initiative to secure quality housing stock amid a competitive multifamily market.

Industrial & Life Sciences: TerraPower’s $450M Bet

In a transformative move for South Philadelphia, nuclear technology firm TerraPower—founded by Bill Gates—has signed a lease for a 250,000 SF build-to-suit facility in the Bellwether District. The $450 million investment will establish a manufacturing hub for actinium-225, a rare radioisotope used in advanced cancer treatments. Operations are slated to begin in 2029, bringing hundreds of high-tech jobs to the former refinery site. This lease solidifies the Bellwether District's reputation as an emerging global hub for advanced manufacturing and life sciences.

Self-Storage and Logistics Highlights

Northern Liberties Portfolio: California-based North Palisade Partners entered the Philadelphia market with a $39.3 million acquisition of a two-property self-storage portfolio. The deal includes nearly 200,000 SF across 2,298 units at 40 Spring Garden St. and 510 N. Christopher Columbus Blvd.