$70M Edgewater Project Goes on Market

PHILADELPHIA-Another high-profile multifamily property in downtown Philadelphia has been put on the market for sale.

By John Jordan | November 07, 2013 at 05:38 PM

PHILADELPHIA-Another high-profile multifamily property in downtown Philadelphia has been put on the market for sale.

Ownership of the 270-unit Edgewater development is now available. The 13-story building and 20 adjacent townhouses on 23rd and Race streets is being packaged with the site that would house the second phase of the project—a 22-story, 240-unit apartment tower, according to the Philadelphia Business Journal.

The first phase of Edgewater was developed by Realen Properties of Wayne, PA., and its finance partner Northwestern Mutual Life Insurance Co. for $70 million. See story in the Philadelphia Business Journal.

NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.

John Jordan is a veteran journalist with 36 years of print and digital media experience.

More from this author ⟶

1 Landlords Pulled Into Immigration Raids as ICE Demands Tenant Information

2 HUD Considers Two-Year Limit on Rental Assistance Programs

3 Invesco and Bozzuto Launch $1B Capacity Multifamily Investment Program

4 SL Green Raises $1B for Opportunistic Debt Fund

5 Brookfield’s Net Lease Platform Changes Hands in $2.2B Deal with Starwood

Maracay Continues Land Assemblage for 572-Home Community

By John Jordan | October 01, 2018

Maracay officials say the firm intends to close on the third and last land purchase of 80 acres and 240 homesites in Chandler in early 2019.

Maracay Continues Land Assemblage for 572-Home Community

Summit Hotel Properties Acquires Boston-Area Hotel, Sells FL Property

By John Jordan | October 01, 2018

The Austin, TX-based hotel REIT also reports that it has closed on the sale of the 148-room Hyatt Place Fort Myers/at the Forum in Fort Myers, FL for $16.5 million or approximately $111,000 per key.

Summit Hotel Properties Acquires Boston-Area Hotel, Sells FL Property

Historically Low Industrial Availability Amps Up Urgency

By Lisa Brown | October 01, 2018

The ProAmpac campus recently purchased by an EverWest partnership totals three buildings in the Kent Valley submarket, one of Washington's most in-demand warehouse and manufacturing locations.

Historically Low Industrial Availability Amps Up Urgency

2025 State of Renter Delinquency and Default link

Report

Sponsored by TheGuarantors

2025 State of Renter Delinquency and Default

Renter default is a critical challenge. This report, based on a survey of 400+ multifamily professionals, reveals key trends, economic drivers, and mitigation gaps to help you build resilience in 2025. You'll gain insights into the root causes of renter default, the operational strains it can put on your portfolio, and strategies you can leverage to protect your investments and maintain stability.

Browse More Resources ›

CRE Property Management Assessment: Your Building Operations Scorecard link

Assessment

Sponsored by Building Engines

CRE Property Management Assessment: Your Building Operations Scorecard

How do your building operations measure up? Use this detailed scorecard to evaluate your operational approach across five key areas.

Browse More Resources ›

5 Strategic Moves to Protect Your Multifamily NOI in 2025's Squeeze link

White Paper

Sponsored by TheGuarantors

5 Strategic Moves to Protect Your Multifamily NOI in 2025's Squeeze

Skyrocketing economic uncertainty means it’s essential for multifamily owners and operators to strengthen risk mitigation capabilities. Discover expert insights from industry experts, including the President of NMHC, to tackle 2025 challenges such as slower lease-ups, cost pressures, renter fraud, high reliance on concessions, and more.

Browse More Resources ›