EQT Exeter in Radnor works with churches and nonprofits to help them develop property they own.

Two years ago, West Catholic Preparatory School sold its parking lot at 46^th and Chestnut Streets in West Philadelphia to EQT Exeter.

Now, the real estate firm has opened The Clark, a six-story 327-unit apartment building, writes Paul Schwedelson for Philadelphia Business Journal.

The Clark is part of a University City development boom that’s moving west.

“The parking lots were, I would say, underdeveloped as University City continues to expand and West Philadelphia continues to be a more and more desirable place to live,” EQT Exeter Regional Investment Officer Gianni Parente said.

EQT Exeter was contracted to buy the land in March 2021. It acquired a building permit in December 2022.

West Philadelphia is benefiting from large-scale development from growth at the University of Pennsylvania and Drexel University.

The Clark has 33 affordable housing units for renters earning up to 60 percent of the area median income of $30,822.

Parente said EQT saw an opportunity for a sophisticated Class-A project with rents below what is usually seen in Center City.

Read more about EQT Exeter’s The Clark and other real estate projects in Philadelphia Business Journal.