Philadelphia

The Gladwyne, PA-based firm has purchased the Fox Chase Apartments, at 7922-36 Barnes St. and the Arendell Avenue Apartments, located at 4308 Arendell Ave. in Northeast Philadelphia, according to Rittenhouse Realty Advisors, which brokered the transaction.

The Loketch Group will complete a like-kind exchange with the proceeds of the sale primarily with development opportunities in Brooklyn.

The new facility will be constructed by the Hillwood Group of Dallas and Chapman Properties of Leetsdale, PA. Amazon has committed to investing more than $30 million into the project, state officials note.

The brokerage firm also reports that another lease deal with a co-working firm involving multiple floors of a City Center office building is currently pending.

The three properties that traded included the 195-unit Regency House at 304 Erial Road in Sicklerville, Camden County; Upper Deerfield Estates (67 units) at 23 McCormick Boulevard in Bridgeton, Cumberland County and Polo Ridge Apartments (64 units) at 1210 North Route 130 in Burlington Township, Burlington County.

“King of Prussia is among the most successful regional economic hubs in the nation,” says Jerry Sweeney, president and CEO of Brandywine Realty Trust.

The portfolio totals 219 bedrooms and are all legally zoned and approved by the City of Bethlehem.

The firm reports it is now accepting investors for its first property, The Ewing Hotel in West Cape May. The boutique luxury hotel is scheduled to open in 2021.