It appears the owners of
Edgewater are testing investors’s appetite for Class A apartment properties in
urban and well-established suburban areas.
The Granary at 411 N. 20th
St. recently sold, though 2040 Market St. was taken off the market reportedly
because the offers didn’t meet the seller’s expectations.
Edgewater, a development that
includes 270 apartments in a 13-story building and 20 townhouses at 23rd and
Race streets, has been put up for sale. The property is being packaged with an
adjacent site that has been approved for the second phase of Edgewater,
according to people familiar with the situation. That would involve the
construction of a 22-story building on an existing surface parking lot at the
ramp off 23rd Street. That building would have 240 apartments. The first phase
of Edgewater totaled $70 million.
It's difficult to pinpoint
how much the property could sell for especially since its two separate pieces.
However, one estimate pegs the existing apartment development trading for
roughly $110 million and the undeveloped parcel going for an estimated $10
million or so.
Realen Properties of Wayne,
Pa., constructed Edgewater with its finance partner Northwestern Mutual Life
Insurance Co. A representative from Realen couldn’t be reached for comment.
Holliday Fenoglio Fowler is marketing the complex.
Source: Philadelphia
Business Journal
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