FCP℠ announces the $117.9 million acquisition of Edgewater, a 286-unit luxury high rise apartment community at 2323 Race Street in Center City Philadelphia, PA, from institutional investors advised by J.P. Morgan Asset Management. The purchase price includes excess land that can be developed, a stand-alone parking garage (in addition to parking beneath the building) and a revenue producing billboard along I-676.
The acquisition of Edgewater is FCP’s fourth Class A Center City Philadelphia investment and builds on the firm’s very active multifamily acquisition activity over the past 12 months with 4,766 units acquired throughout the United States.
“Strong job growth, extraordinary walkability and the continued evolution of Center City into a complete live/work/play downtown make Philadelphia an attractive market,” said FCP Associate, Drew Schwartz. Mr. Schwartz continued, “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.”
Edgewater’s 286 large units (60% are 1,000+ square feet) are distributed between a 12-story tower and 20, three-story townhomes in a balanced mix of studio, one-, two- and three-bedroom residences. Located in the Logan Square neighborhood on the Schuylkill River, Edgewater residents enjoy immediate access to the Schuylkill River Trail, Fairmount Park, which is the largest urban park in the country, and an abundance of cultural and art museums. The community is within walking distance to Philadelphia’s Central Business District and exciting retail, dining and nightlife options including grocery options, Whole Foods and Trader Joes.
Edgewater features include:
- Unparalleled views of the Schuylkill River, University City, 30th Street Station and Center City
- Immediate access to Septa and Amtrak at 30th Street Station, I-76, I-676 and I-95
- Large dog park, 24-hour fitness and private yoga center, expansive resident lounge and hospitality center, and an interactive children’s playroom
- Unique quiet neighborhood setting within one of the most walkable cities in the country
FCP extends its appreciation to Erin Miller and Lizann McGowan of Newmark Knight Frank for their representation of the seller.
FCP℠ is a privately held real estate investment company that has invested in or financed more than $6 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.
About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than $148 billion in assets under management and 750 professionals (as of March 31, 2019), we offer strategies across the alternative investment spectrum including real estate, private equity and credit, infrastructure, transportation, liquid alternatives, and hedge funds. Operating from 18 offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives. For more information: www.jpmorganassetmanagement.com.