CBRE Investments has sold a 34-story apartment tower near Rittenhouse Square for $138 million, marking one of the largest multifamily sales in Center City in recent years, writes Paul Schwedelson for the Philadelphia Business Journal.
The sale price equates to $431,000 per unit. The buyers were New York-based Cantor Fitzgerald and Norfolk, Virginia-based Harbor Group International. This represents another investment in the Center City multifamily market by out-of-town investors.
The sale of the 321-unit building at 2116 Chestnut Street comes roughly 18 months after it was first put on the market. The apartment tower previously sold for around $160 million a decade ago and was most recently assessed at $144 million this year.
Since 2017, the average occupancy in the building has been 94 percent.
The apartment tower, which is located across from the First Unitarian Church of Philadelphia, features 117 studio apartments, 146 one-bedroom units, and 58 two-bedroom units, with average rents of around $3,000 per month, or approximately $3.85 per square foot.
The building also includes ground-floor retail space which is currently occupied by Five Iron Golf and Solidcore, a fitness studio.
Read more about the Rittenhouse building’s recent sale in the Philadelphia Business Journal.
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