Philadelphia Multifamily Trades for $233M
Fairstead has acquired a 45-story, 612-unit property in an acquisition that serves as the largest single-asset multifamily sale in Philadelphia’s history.
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.
The asset offers studio, one-, two- and three-bedroom units that average 852 square feet. Resident amenities include a lounge with a catering kitchen, a state-of-the-art fitness center, a 10-seat theater room, a retractable glass-enclosed heated rooftop swimming pool, a roof deck with private cabanas and grilling areas, and panoramic views on the 45th floor. The property’s street-level retail is occupied by two restaurants, Blume and Fado Irish Pub.
Located on the corner of 15th St. and Locust St., the property is situated at the confluence of three neighborhoods, Rittenhouse Square, the Avenue of the Arts and the West Market Street office corridor.
Newmark executive managing directors Lizann McGowan and Erin Miller represented Barings in the transaction, which traded the asset on behalf of an institutional client.
“1500 Locust offered a generational investment opportunity to acquire a landmark mixed-use asset in one of the nation’s most prestigious and highly sought-after submarkets,” says McGowan.
“Having been under institutional ownership for more than three decades, the property has been meticulously maintained to blend the latest in modern living with the exceptional construction of the original design,” states Miller.