A venture involving the Carlyle Group, the Washington, D.C.-based private-equity and asset-management giant, has paid $118 million for the two-year-old 3737 Chestnut apartment building in University City.
Carlyle joined Korman Residential Properties of Blue Bell in acquiring the 26-story, 276-unit apartment building, which was fully leased at the time of the sale, the project’s developer, Wayne-based Radnor Property Group, said in a release this week.
The 3737 Chestnut apartments were developed at a cost of $92.5 million, RPG said. Its other projects include Vue32, a 164-unit apartment building nearing completion on land owned by Drexel University at 3201 Race St., and the Hamilton, a 279-unit tower on Community College of Philadelphia property that is projected to open in fall 2018.
Carlyle’s other area assets include part-ownership of the Philadelphia Energy Holdings refinery complex in South Philadelphia.