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.
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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.
