Edgewater, a 286-unit luxury high rise apartment community at 2323 Race Street in Center City Philadelphia, has been bought by FCP for $117.9 million from institutional investors advised by J.P. Morgan Asset Management.
The acquisition of Edgewater is FCP's fourth Class A Center City Philadelphia investment and builds on the firm's very active multifamily acquisition activity over the past 12 months with 4,766 units acquired throughout the United States.
"Strong job growth, extraordinary walkability and the continued evolution of Center City into a complete live/work/play downtown make Philadelphia an attractive market," FCP Associate Drew Schwartz said. "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."
Edgewater's 286 large units (60 percent are 1,000+ square feet) are distributed between a 12-story tower and 20, three-story townhomes in a balanced mix of studio, one-, two- and three-bedroom residences.
The purchase price includes excess land that can be developed, a stand-alone parking garage (in addition to parking beneath the building) and a revenue producing billboard along I-676.