PHILADELPHIA, PA–MRP Residential and Cornerstone Real Estate Advisers, acting on behalf of a Cornerstone-managed fund, have acquired two residential properties in Philadelphia. The firms did not disclose the terms, but industry observers familiar with the deal say it's likely the purchase price was “north of $60 million.”
The properties, 400 Walnut Street, with 67 units and 5,000 square feet of retail and 1930 Chestnut Street, with 144 units and 5,000 square feet of retail, will be renovated by MRP Residential and include updated amenities.
“Both 400 Walnut Street and 1930 Chestnut Street enjoy excellent locations within Center City,” says Charles McGrath, senior vice president of MRP. “We view this acquisition as an opportunity to add both amenities and in-unit finishes that are commensurate of the properties' locations and address the growing demands of today's tenants.”
“We see a high demand for apartment housing in Center City Philadelphia, and by acquiring these two residential properties we will be able to deliver compelling investment alternatives to our investors,” says Steve Gould, vice president of Cornerstone Real Estate Advisers.
Tim McDonald and Miles Spencer from Eastdil represented seller Turchi Properties in the transaction.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
