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Philadelphia's Edgewater Apts Sell for $113M

JP Morgan Chase & Co Take 290 Units on Race Street
March 26, 2014
JP Morgan Chase & Co. Investment Management acquired the 290-unit Edgewater Apartments at 2323 Race St. in Philadelphia, PA from a joint venture of REALEN and Northwestern Mutual Life Insurance Company for $113 million, or about $390,000 per unit.

The 12-story, 373,614-square-foot multifamily building was constructed in 2005 on 3.9 acres in the Logal Square submarket of Philadelphia County. The hi-rise building offers 21 studios, 120 one-bedroom, 128 two-bedroom, and 21 three-bedroom apartments, all of which offer granite counters, stainless steel appliances, ceramic tile, hardwood floors, fireplaces, washer/dryer and Wi-Fi. Included in the sale was a 491-space garage and "shovel-ready" parcel entitled for another 240-unit tower. Attached to the garage are several townhome-style units. The asset was 98 percent occupied at the time of sale, with asking rents between $1,425 up to $6,060 per month for the high-end penthouse suites.

Jose Cruz and Andrew Scandalios of HFF represented the seller, and procured the buyer.

Please refer to comp 2976907 for more information

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