290-UNIT MULTIFAMILY COMPLEX IN CENTER CITY SELLS FOR MORE THAN $110M

PHILADELPHIA — HFF has closed the sale of Edgewater Apartments, a 290-unit, Class A multifamily complex in the Center City District of Philadelphia. An entity affiliated with JPMorgan purchased the property for approximately $113 million, according to the Philadelphia Business Journal. Edgewater Apartments is located at 2323 Race St. along the Schuylkill River in Center City Philadelphia’s northwest quadrant, known as Logan Square. Completed in 2005, the property includes a 12-story tower with 270 units plus 20 townhomes attached to a five-story, 491-space parking garage. Community amenities at the property include a club room with flat-screen television, fireplace and kitchen, 24-hour fitness center, conference room, business center, concierge service and direct access to the riverfront walkways. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Steve Simonelli of HFF marketed the property on behalf of the seller. According to HFF, this is the largest multifamily transaction to close in Philadelphia in more than 10 years.