Edgewater, an apartment development, and a companion
development parcel, have traded for in excess of $100 million.
While the year started out sluggish, this is one of what is
expected to be many multifamily sales this year in Philadelphia as investors
look to get in on a thriving apartment market that has a low vacancy rate and
rising rents.
An entity affiliated with JPMorgan bought the Edgewater
complex, according to commercial real estate sources. The property includes 270
apartments in a 13-story building and 20 townhouses at 23rd and Race streets.
It was packaged with an adjacent site that has been approved for the second
phase of Edgewater that would involve the construction of a 22-story building
on an existing surface parking lot at the ramp off 23rd Street. That building
could have 240 apartments.
The first phase of Edgewater was constructed in 2006 and the
project totaled $70 million. Realen Properties of Wayne, Pa., constructed
Edgewater with its finance partner Northwestern Mutual Life Insurance Co.
Holliday Fenoglio Fowler arranged the transaction.
Source: Philadelphia
Business Journal
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