Jacob Adelman covers property deals, retail trends and the hospitality business as the commercial real estate reporter. Developer Carl Dranoff is selling off his entire portfolio of rental properties in and around Philadelphia, as he turns his attention to new and ongoing big projects such as his planned South Broad Street condo towers and the soon-to-open One Theater Square apartments in Newark, N.J. Denver-based investment trust Apartment Investment & Management Co. plans to pay $445 million for the package, which includes five properties comprising 665 existing apartments in Philadelphia, making it the city’s biggest residential landlord.