MRP Residential has picked up two Center City apartment
properties for a tad more than $60 million.
The deal was made in partnership with Cornerstone Real
Estate Advisers and steadily grows MRP Residential’s local presence. The
structure that is called the Avenue of the Arts Building was MRP Residential’s
first acquisition in Philadelphia. It is amid totally renovating that South
Broad Street property into high-end apartments.
In its recent acquisition, the joint venture bought 400
Walnut St., which has 67 units and 5,000 square feet of retail, and 1930
Chestnut St., which has 144 units and 5,000 square feet of retail. The seller
was Turchi Properties, which was represented by Tim McDonald and Miles Spencer
from Eastdil.
Each property will cater to different demographics, said
Charles McGrath, senior vice president at MRP Residential.
The property at 1930 Chestnut is in proximity to
Rittenhouse Square and can pull students from University City who want to be
close to the amenities of Center City, McGrath said. The other property at 400
Walnut has a location and units that would appeal to empty-nesters, he said.
MRP Residential, which is a division of MRP Realty of
Washington, D.C., plans to spend $60,000 a unit renovating both properties.
Source: Philadelphia
Business Journal
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