Center City’s largest apartment tower, on 1500 Locust Street, is back on the market four years after it was last traded, writes Paul Schwedelson for the Philadelphia Business Journal.
The 605-unit, 45-story building was acquired by New York real estate firm Fairstead and Minneapolis investment company Castlelake for $233 million back in December 2021. It was among the highest prices ever paid for an apartment property in Center City.
Now, JLL has listed the property again, marketing it as a “value-add community.”
The building includes a 404-space parking garage, along with an indoor pool, and a rooftop lounge.
According to the list, three-fourths of the units were previously renovated, providing a $300 premium for the apartment’s monthly rent.
Read more about Center City’s largest apartment tower and its recent listing, along with the many other transactions in the area in the Philadelphia Business Journal.
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