By Paul Schwedelson – Reporter, Philadelphia Business Journal
An entity tied to New York financial services firm Cantor Fitzgerald paid $90.3 million to acquire a large Phoenixville apartment complex, marking the company's latest investment in the Philadelphia region.
Cantor Fitzgerald bought the 349-unit Riverworks complex from Pantzer Properties, according to Chester County property records. The development sits on 30 acres that had been part of the shuttered Phoenix Steel Co. and is located on the north side of French Creek.
Located at 45 N. Main St., the Riverworks complex is within walking distance of Phoenixville's restaurant and retail area and has access to the Schuylkill River Trail.
Fort Washington-based homebuilder Toll Brothers developed the six-building complex for $66.5 million in 2016 and sold it to Pantzer Properties for $77.8 million in 2019. The project is one of the largest developments in Phoenixville.
Riverworks includes an 11,000-square-foot clubhouse, a pool and a climbing wall.
The apartment property is managed by Harbor Group Management, a real estate investor with more than 58,000 apartments in its portfolio, according to the company. A spokesperson for Harbor Group declined to comment when asked if it is a co-investor with Cantor Fitzgerald on Riverworks, but the companies previously partnered on the acquisition of a 229-unit apartment community in Westchester County, New York, in November.
Full story: https://tinyurl.com/s9sa3k9e
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.