A venture involving the Carlyle Group, the Washington,
D.C.-based private-equity and asset-management giant, has paid $118 million for
the two-year-old 3737 Chestnut apartment building in University City.
Carlyle joined Korman Residential Properties of Blue
Bell in acquiring the 26-story, 276-unit apartment building, which was
fully leased at the time of the sale, the project’s developer, Wayne-based
Radnor Property Group, said in a release this week.
The 3737 Chestnut apartments were developed at a cost of
$92.5 million, RPG said. Its other projects include Vue32, a 164-unit apartment building nearing
completion on land owned by Drexel University at 3201 Race St., and the
Hamilton, a 279-unit tower on Community College
of Philadelphia property that is projected to open in fall 2018.
Carlyle’s other area assets include part-ownership of the
Philadelphia Energy Holdings refinery complex in South Philadelphia.
Source: Philly.com
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