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IN-DEPTH: J.P. Morgan buys Philadelphia apartment complex

by Andrea Waitrovich

J.P. Morgan Asset Management has purchased Edgewater Apartments in downtown Philadelphia. Here’s an in-depth look at the deal.

 

THE DEAL

The New York City–based asset manager acquired the 290-unit apartment complex at 2323 Race St. for $113.5 million. The sellers were joint venture partners Northwestern Mutual Life Insurance and Realen Properties. HFF represented the seller.

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