Friday, June 14, 2019

FCP Re-Enters Philadelphia With $118M Acquisition

by By Erika Morphy
FCP has re-entered the Philadelphia market with the $117.9 million acquisition of a luxury high-rise apartment. The 286-unit property is called Edgewater and is located at 2323 Race St. in the Center City submarket. The sellers were institutional investors advised by J.P. Morgan Asset Management.

The purchase price includes excess land that can be developed, a stand-alone parking garage (in addition to parking beneath the building) and a revenue producing billboard along I-676.
The acquisition of Edgewater is FCP’s fourth Center City Philadelphia investment and its first deal in the city in a long time. Other investments, such as the adaptive re-use projects, The Arch and ICON 1616, both in the downtown market, have been exited.

The sale is indicative of the firm’s very active multifamily acquisition activity over the past 12 months with 4,766 units acquired throughout the US.
“Strong job growth, extraordinary walkability and the continued evolution of Center City into a complete live/work/play downtown make Philadelphia an attractive market,” said FCP Associate, Drew Schwartz in a prepared statement.

Schwartz said that FCP was able to close the transaction with all cash and didn’t obtain a loan.

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