Friday, June 5, 2015

MRP Residential and Cornerstone Bet on Center City Multifamily

by Steve Lubetkin,
MRP Residential and Cornerstone Real Estate Advisers, acting on behalf of a Cornerstone-managed fund, have acquired two residential properties in Philadelphia. The firms did not disclose the terms, but industry observers familiar with the deal say it’s likely the purchase price was “north of $60 million.”

The properties, 400 Walnut Street, with 67 units and 5,000 square feet of retail and 1930 Chestnut Street, with 144 units and 5,000 square feet of retail, will be renovated by MRP Residential and include updated amenities.

“Both 400 Walnut Street and 1930 Chestnut Street enjoy excellent locations within Center City,” says Charles McGrath, senior vice president of MRP. “We view this acquisition as an opportunity to add both amenities and in-unit finishes that are commensurate of the properties’ locations and address the growing demands of today’s tenants.”

“We see a high demand for apartment housing in Center City Philadelphia, and by acquiring these two residential properties we will be able to deliver compelling investment alternatives to our investors,” says Steve Gould, vice president of Cornerstone Real Estate Advisers.

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