Tuesday, February 25, 2014

JV Pays $33M for Avenue of the Arts Bldg Philadelphia

MRP Residential, Inc. and Principal Real Estate Investors LLC have teamed up to acquire the residential portion of the Avenue of the Arts Building at 1338-1348 Chestnut St. in Philadelphia, PA from Ashkenazy Acquisition Corporation for $33 million. 

The 17-story, 283,126-square-foot property was originally built in 1987 on almost half an acre in the Avenue of the Arts South submarket of Philadelphia, at the corner of S. Broad Street. It is currently comprised of 74,031 square feet of retail space below 176 two-bedroom apartments currently utilized for student housing by the Art Institute of Philadelphia. The retail portion not involved in this sale is occupied by Capital Grille, Olive Garden, and the Art Institute. 

However, the buyer acquired just the residential portion comprised of 209,095 square feet on floors 4 through 17. The buyer plans to renovate and upgrade the space into 220 upscale apartments, which would result in an acquisition price of $150,000 per unit. Expected delivery for the renovations is scheduled for 18 months. 


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