PEARL PROPERTIES BUYS PHILADELPHIA APARTMENT COMPLEX

PHILADELPHIA — Lowe Enterprises Investors has acquired The Granary, a new nine-story, Class A multifamily property in Philadelphia’s Center City, from developer Pearl Properties. The property sold for $120 million, according to the Philadelphia Business Journal. Located at 20th and Callowhill streets, The Granary includes 229 apartments and 20,463 square feet of retail space. The building was completed in October and is currently 40 percent leased. The Granary offers a mix of one-and two-bedroom units with in-unit washer/dryers, granite countertops, stainless steel appliances and bamboo floors. Amenities at the property include a state-of-the-art fitness center, business center, music room and library, community kitchen and club room, an onsite concierge and full-time doorman.