Phoenixville Apartment complex sells for $78M

By Natalie Kostelni  – Reporter, Philadelphia Business Journal
Pantzer Properties has paid $77.8 million for the Riverworks, a newly built 349-unit apartment complex in Phoenixville.

Toll Brothers Inc. (NYSE: TOL) developed the complex at 45 N. Main St. for around $66.5 million. Riverworks was one of the biggest apartment projects to get underway in Phoenixville in recent years and helped add to the vibrancy of the Chester County community that has experienced a resurgence. 

While there are a smattering of other multifamily developments in Phoenixville, the other project on the scale of Riverworks was Phoenix Village. DeMutis Group, in a joint venture with Fox Cos., developed that two-building complex at 131 Bridge St. with 275 apartments and 20,000 square feet of retail.

Riverworks consists of six buildings as well as an 11,000-square-foot clubhouse with a resort-style pool, climbing wall, kayak storage and other amenities. It was completed in 2016 and it was 96 percent occupied and 99 percent leased time of sale.
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