PHILADELPHIA—The Edgewater Apartments in Center City has been sold for a reported sales price of approximately $113 million.
An entity affiliated with JPMorgan has acquired the 270-unit high-rise Edgewater building that also includes 20 townhouses at 23rd and Race streets, according to the Philadelphia Business Journal. The deal also includes an adjoining development parcel that could accommodate a 22-story, 240-apartment unit building.
HFF, which arranged the sale on behalf of the seller, says the deal is the largest multifamily transaction to close in the city of Philadelphia in the last 10 years. The firm idid not identify the buyer or the seller in its press announcement.
Completed in 2005, the property also features an attached five-story, 491-space parking garage. Units are offered in studio, one-, two- and three-bedroom layouts. Community amenities at the property include a club room with flat screen TV, fireplace and kitchen, 24-hour fitness center, conference room, business center, concierge service, and direct access to riverfront walkways.
The HFF investment sales team representing the seller was led by senior managing directors Jose Cruz and Andrew Scandalios, and managing directors Kevin O'Hearn and Jeffrey Julien and Associate Director Steve Simonelli. The transaction was closed in conjunction with the recently opened HFF Philadelphia office, which is headed by Mark Thomson and Zac Pierce.
Realen Properties of Wayne, PA, built Edgewater with its finance partner Northwestern Mutual Life Insurance Co. See story in the Philadelphia Business Journal.
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