PHILADELPHIA, PA – New York-based real estate developer, Fairstead has acquired a 45-story, mixed-use multifamily building in Philadelphia's Rittenhouse Square neighborhood for $233 million. The firm purchased the property from Barings.
The transaction represents the largest single-asset sale in Philadelphia's multifamily market history. The transaction also serves as Fairstead's first acquisition in Philadelphia.
Located at 1500 Locust St., the property totals 828,679 gross square feet. The building comprises 612 multifamily units, 7,770 square feet of street-level retail and a 398-space parking garage.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
