Tuesday, October 29, 2013

Granary Apartments Sold for $120M

fter wrapping up construction earlier this month, Philadelphia-based Pearl Properties sold the nine-story, 229-unit Granary Apartments to Lowe Enterprises, a Los Angeles-based investment management firm. The sale closed on October 25th for an undisclosed price, although local reports put the sale at $120 million. 

The Granary Apartment complex is located in the Logan Square neighborhood at 409 North 20th Street in Center City Philadelphia. In addition to its high-end apartments, the building includes 20,463 square feet of retail space

The acquisition is the first in downtown Philadelphia by Lowe Enterprises, which opened an office in the market last year. The company also owns the Abitare Apts. and other properties in Voorhees, NJ, and manages other local assets on behalf of its investment clients, including Station Square. Its Lowe Enterprises Investors affiliate acquires real estate on behalf of institutional and high net worth clients and partners. 

Pearl Properties, a 15-year-old development and investment firm headed by James Pearlstein and Reed Slogoff, has developed several apartment and retail properties in the Philadelphia market. 

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