Wednesday, March 26, 2014

Center City apartment complex sells for more than $110M

by Natalie Kostelni, Staff writer for the Philadelphia Business Journal

Edgewater, an apartment complex, and a companion development parcel, have traded for roughly $113 million. 
While the year started out sluggish, this is one of what is expected to be many multifamily sales this year in Philadelphia as investors look to get in on a thriving apartment market that has a low vacancy rate and rising rents. 
An entity affiliated with JPMorgan bought Edgewater, according to commercial real estate sources. The property includes 270 apartments in a 13-story building and 20 townhouses at 23rd and Race streets. It was packaged with an adjacent site that has been approved for the second phase of Edgewater that would involve the construction of a 22-story building on an existing surface parking lot at the ramp off 23rd Street. That building could have 240 apartments. 
The first phase of Edgewater was constructed in 2006 and the project totaled $70 million. Realen Properties of Wayne, Pa., constructed Edgewater with its finance partner Northwestern Mutual Life Insurance Co. Holliday Fenoglio Fowler arranged the transaction.

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