PHILADELPHIA, PA–MRPResidential and Cornerstone Real EstateAdvisers, acting on behalf of a Cornerstone-managed fund,have acquired two residential properties in Philadelphia. The firmsdid not disclose the terms, but industry observers familiar withthe deal say it's likely the purchase price was “north of $60million.”
The properties, 400 Walnut Street, with 67units and 5,000 square feet of retail and 1930 ChestnutStreet, with 144 units and 5,000 square feet of retail,will be renovated by MRP Residential and includeupdated amenities.
“Both 400 Walnut Street and 1930Chestnut Street enjoy excellent locations within CenterCity,” says Charles McGrath, senior vice presidentof MRP. “We view this acquisition as anopportunity to add both amenities and in-unit finishes that arecommensurate of the properties' locations and address the growingdemands of today's tenants.”
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