FCP, a Maryland-based privately held real estate investment company, has acquired the Edgewater luxury high-rise multifamily asset in Philadelphia for $117.9 million in cash.
Edgewater comprises 286 units that vary in size between studio, one-, two- and three-bedroom units, spread out between a 12-story tower and 20 three-story townhouses, according to FCP.
The deal also includes land, with an option for future development, a stand-alone parking garage and a billboard along I-676.
The firm purchased the asset from investors advised by J.P. Morgan Asset Management in a cash transaction, with no loans involved.
The Edgewater acquisition brings FCP’s class A center city Philadelphia portfolio up
