National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
FCP Buys Philly Luxury Rentals for $118M from J.P. Morgan
FCP acquired Edgewater, a 286-unit luxury high-rise apartment community in Center City Philadelphia, for $117.9 million from institutional investors advised by J.P. Morgan Asset Management. The purchase price includes excess land that can be developed, a standalone parking garage and a revenue producing billboard along I-676.
The acquisition of Edgewater is FCP’s fourth Class A Center City Philadelphia investment. “Strong job growth, extraordinary walkability and the continued evolution of Center City into a complete live/work/play downtown make Philadelphia an attractive market,” said FCP’s Drew Schwartz.
He added, “Edgewater presented us with an opportunity to invest in a premier asset in a market in which we continue to seek investments. We were able to close the transaction with all cash and didn’t obtain a loan, allowing us to quickly execute this large transaction.”
NKF’s Erin Miller and Lizann McGowan represented the sellers in the transaction.
The Connect Apartments Conference will take place June 20, 2019 in Los Angeles. For more information, or to register, click here.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
