Tuesday, September 2, 2014
Inquirer Daily News

Phila. luxury apartment complex sold for reported $113M

Edgewater Apartments at 2323 Race St. (Google Maps)
Edgewater Apartments at 2323 Race St. (Google Maps)

The luxury Edgewater Apartments complex at 2323 Race St. has been sold, according to HFF of Florham Park, N.J., which brokered the sale.

HFF disclosed neither the sale price nor the buyer of the 290-unit complex, managed by the Bozzuto Group of Greenbelt, Md., but industry sources said it was purchased by the J.P. Morgan Investment Fund for $113 million.

Edgewater comprises 270 one-, two- and three-bedroom apartments in a 12-story building, as well as 20 rental townhouses and an adjacent five-story, 491-space parking garage. The property was listed for sale in the fall.

As listed on the Philadelphia Office of Property Assessment website, the current owner is NM Edgewater Joint Venture. The site reported the property's market value in 2014 as $72.4 million.

Developed by Dennis Maloomian's Realen Properties and opened in 2005, the complex cost a reported $70 million. In 2002, the 51,000-square-foot site was purchased for $9 million.

Included in the sale, according to HFF, was an adjacent parcel approved for development of 240 more units that would help meet growing demand for high-end rental apartments in Center City.

- Alan J. Heavens