Saturday, September 5, 2015

New Multifamily High Rise Fetches $51.1M

LaSalle Investment Management has purchased the recently-completed, 110-unit AQ Rittenhouse multifamily highrise at 2021 Chestnut St. in Philadelphia, PA from joint-venture partners Aquinas Realty Partners LLC and MB1 Capital Partners for $51.1 million, or about $465,000 per unit.

The 12-story, 141,000-square-foot, LEED Silver-certified multifamily building was constructed in March 2015 in Philadephia County. It features street-level retail space, concierge service and doorman, business center, fitness center, on-site management, and a rooftop sky terrace for tenants.

The asset was already 60 percent leased at the time

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