FCP Buys Philly High-Rise for $118M
- Jun 18, 2019
FCP has purchased a high-rise apartment community in the heart of Philadelphia for $117.9 million from institutional investors advised by J.P. Morgan Asset Management. Included in the acquisition of the 286-unit Center City property, Edgewater, is additional land that can be developed, a parking garage and a billboard along Interstate 676. Erin Miller and Lizann McGowan of Newmark Knight Frank represented the seller in the deal.
Located at 2323 Race St., the Class A luxury community consists of a 12-story tower and 20, three-story townhomes. The property offers a mix of studio, one-, two- and three-bedroom homes, the majority of which have more than 1,000 square feet of space. The Schuylkill River Trail, Fairmount Park and several museums are located nearby the property, as well as the CBD and a variety of shopping and dining options.
Resident amenities at Edgewater include a dog park, 24-hour fitness and private yoga center, resident lounge and hospitality center and a children’s playroom. The property also provides immediate access to Septa and Amtrak at the 30th Street Station, as well as easy access to interstates 76, 676 and 95.
The purchase of Edgewater marks FCP’s fourth investment in Class A properties in Center City. Over the past year, FCP has added 4,766 multifamily units to its portfolio in acquisitions across the U.S. Since April, the firm has picked up several communities in the south, including the 164-unit Ashford Gardens in Atlanta, the 150-unit The Fields East West Commons in Austell, Ga., and the 310-unit Estuary Apartment Homes community in the Embry Hills submarket of Atlanta. Additionally, Dranoff Properties just broke ground on a $253 million residential condo tower in Philadelphia‘s Center City neighborhood.