Thursday, July 9, 2015

Castle Rock Purchases 206-Unit Rental Tower

Federal Capital Partners, Cross Properties, and Alterra Property Group LLC have sold the 206-unit Icon 1616 multifamily building at 1616 Walnut St. in Philadelphia, PA to Castle Rock Equity Group LLC for $112 million, or approximately $544,000 per unit.

The 236,265-square-foot high-rise consists of one-, two-, and three- bedroom units centrally located in the Rittenhouse Square area of downtown Philadelphia. Construction was completed in 2014.

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