The Commonwealth, 1201 Chestnut Street, Philadelphia, PA
PHILADELPHIA, PA—A joint venture partnership of The Carlyle Group and Alterra Property Group has acquired The Commonwealth, a 98-unit, high-rise apartment building at 1201 Chestnut Street, Philadelphia, PA. The dollar amount of the transaction was not disclosed.
Holliday Fenoglio Fowler marketed the properties exclusively on behalf of the seller, global real estate investment manager Invesco Real Estate, and procured the buyer. HFF worked on behalf of the new owner to arrange acquisition financing. The HFF investment advisory team representing the seller was led by senior managing director Mark Thomson, senior director Carl Fiebig and director Francis Coyne.
HFF's debt placement team representing the new owner was led by managing director Ryan Ade.
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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].
