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PHILADELPHIA, PAMRP Residential and Cornerstone Real Estate Advisers, acting on behalf of a Cornerstone-managed fund, have acquired two residential properties in Philadelphia. The firms did not disclose the terms, but industry observers familiar with the deal say it’s likely the purchase price was “north of $60 million.”

The properties, 400 Walnut Street, with 67 units and 5,000 square feet of retail and 1930 Chestnut Street, with 144 units and 5,000 square feet of retail, will be renovated by MRP Residential and include updated amenities. 

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