Two newly constructed apartment properties just a short
walk apart from each other on Chestnut Street in Center City are close to
trading, according to real estate sources.
CBRE Investments is reportedly buying 2116 Chestnut St.,
an apartment complex that many refer to as the Buck building for the company,
John Buck Co., that developed it.
Construction of the 34-story building was completed in
2013 and nearly all of its 321 apartments are occupied. It was built for around
$100 million and some say it could sell for as much as $160 million.
The other property on the market and reportedly under
agreement by LaSalle Investment Management is AQ Rittenhouse at 2021 Chestnut
St.
AQ Rittenhouse is more of a boutique building compared
with 2116 Chestnut. Aquinas Realty Partners began construction of the 12-story,
110-unit property in April 2014 and development was just recently completed.
The property is still in the lease up phase and a deal will close when it
reaches 60 percent occupancy, according to people familiar with the matter.
Developers of multifamily properties have started to put
recently constructed properties up for sale. One recent transaction was Icon at
1616 Walnut St., which sold for $112 million.
Source: Philadelphia
Business Journal
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