By Adriana Pop, Associate Editor
An out-of-state investor recently expanded its presence in Philadelphia with the acquisition of a newly constructed apartment building in the city’s downtown. The property changed hands for $51.1 million.
LaSalle Investment Management is now the new owner of AQ Rittenhouse, a 110-unit LEED Silver certified multifamily community at 2021 Chestnut St. in Rittenhouse Square. The Chicago-based company purchased the asset from a joint venture between Aquinas Realty Partners and MB1 Capital Partners.
The transaction was completed by the Newmark Grubb Knight Frank Capital Markets team comprising Brett Segal, Mike Margolis and Dave Dolan of the Philadelphia office, under the guidance of Steven Schultz of the Northern New Jersey office and Blake Okland of ARA, a Newmark Company.
The sale of AQ Rittenhouse marked the first transaction of its kind for ARA Newmark in Philadelphia since the company was acquired by BGC Partners Inc. in December 2014.
According to Segal, the apartment building recently began lease-up at a rapid pace. The project was developed to the highest standards and is now equipped with many premier amenities uncharacteristic of typical multi-housing residences in Philadelphia. One such feature is a rooftop sky terrace that offers year-round entertainment options with both indoor and outdoor living space via its retractable glass curtain wall.
AQ Rittenhouse also boasts a prime location, since Philadelphia’s Center City is home to over 440 full-service restaurants and over 1,000 retailers, while Rittenhouse Row (only one block from the building) is recognized as a “high street” retail corridor with some of the highest rents and most fashionable boutiques on the East Coast. Market Street, the thriving heart of the city’s economy and home to 25.2 million square feet of office space, is also located nearby.