Fairstead makes first acquisition in Philadelphia with $233m buy

Barings has sold 1500 Locust, a 45-story, mixed-use multifamily building in the famous Rittenhouse Square Submarket of Center City Philadelphia.

The 612-unit property sold for $233 million — the largest single-asset sale in the history of Philadelphia's multifamily market.

The asset was buyer Fairstead’s first acquisition in Philadelphia.

“Having been under institutional ownership for more than three decades, the property has been meticulously maintained to blend the latest in modern living with the exceptional construction of the original design,” said Lizann McGowan, a Newmark executive managing director, which represented the seller.

Totaling 828,679 gross square feet, 1500 Locust comprises 612 multifamily units, 7,770 square feet of street-level retail and a 398-space parking garage. The asset features a mix of studio, one-, two- and three-bedroom units with an average unit size of 852 square feet. Property amenities encompass the entire 45th