A large Phoenixville apartment complex has been sold to an entity connected with New York financial services firm Cantor Fitzgerald for $90.3 million, writes Paul Schwedelson for the Philadelphia Business Journal. 

The seller of the 349-unit Riverworks complex was Pantzer Properties. 

The development is set on 30 acres located on the north side of French Creek, which were previously part of the shuttered Phoenix Steel. 

The Riverworks complex is well-positioned within walking distance of the town’s restaurant and retail area. It also has access to the Schuylkill River Trail. 

The six-building complex – one of the largest in Phoenixville – was developed by Fort Washington-based homebuilder Toll Brothers in 2016 for $66.5 million and was several years later sold to Pantzer Properties for $77.8 million. 

In addition to the apartments, the complex includes a clubhouse, a pool, and a climbing wall. 

Harbor Group Management manages the apartment property. 

The acquisition is Cantor Fitzgerald’s latest investment in the Philadelphia region. The company previously partnered with Silverstein Properties on the University Place 3.0 project. The two companies bought 90 percent ownership of the life sciences building in University City. 

Read more about Pantzer Properties selling the Phoenixville apartment complex in the Philadelphia Business Journal. 

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