FCP bought Edgewater, a 286-unit highrise apartment building in Philadelphia, for $117.9m. The sellers were institutional investors advised by J.P. Morgan Asset Management. The deal also includes additional land that can be developed, a standalone parking garage (in addition to parking beneath the building) and a revenue-producing billboard along I-676. Sitting in the Logan Square neighborhood on the Schuylkill River, Edgewater includes a 12-story tower and 20, three-story townhomes. The sale is FCP’s the fourth class A apartment purchase in Philadelphia.
“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,” said FCP Associate Drew Schwartz.
