Edgewater
CHEVY CHASE, MD-Locally-based FCP has re-entered the Philadelphia market with the $117.9 million acquisition of a luxury high-rise apartment. The 286-unit property is called Edgewater and is located at 2323 Race St. in the Center City submarket. The sellers were institutional investors advised by J.P. Morgan Asset Management.
The purchase price includes excess land that can be developed, a stand-alone parking garage (in addition to parking beneath the building) and a revenue producing billboard along I-676.
The acquisition of Edgewater is FCP's fourth Center City Philadelphia investment and its first deal in the city in a long time. Other investments, such as the adaptive re-use projects, The Arch and ICON 1616, both in the downtown market, have been exited.
The sale is indicative of the firm's very active multifamily acquisition activity over the past 12 months with 4,766 units acquired throughout the US.
“Strong job growth, extraordinary walkability and the continued evolution of Center City into a complete live/work/play downtown make Philadelphia an attractive market,” said FCP Associate, Drew Schwartz in a prepared statement.
Schwartz said that FCP was able to close the transaction with all cash and didn't obtain a loan.
Erin Miller and Lizann McGowan of Newmark Knight Frank represented the seller.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
