Pennsylvania

Luxor-Bala-Cynwyd
BerkadiaFinanceInvestment SalesNewsNortheastPennsylvania

Alliance Residential, PCCP Acquire Luxor Bala Cynwyd in Philadelphia

by Lynn Peisner

BALA CYNWYD — Alliance Residential of Scottsdale, Arizona, and Los Angeles-based PCCP have acquired Luxor Bala Cynwyd in the township of Bala Cynwyd 7 miles north of Philadelphia. Patrick McGlohn, Brian Gould, Hunter Wood, Patrick Cunningham and Natalie Hershey of Berkadia DC Metro arranged a $37 million acquisition loan from ACRE Capital on behalf of the joint venture buyer. The 173-unit property was developed in 2021 by Westrum Development Co. (the seller) and includes studios and one- and two-bedroom floor plans and amenities such as a pool, fitness center, yoga …

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Centennial-Seattle
CaliforniaInvestment SalesNew JerseyNewsNortheastPennsylvaniaWashingtonWestern

JRK Buys Three-Property Portfolio From Equity Residential for $400 Million

by Lynn Peisner

LOS ANGELES — JRK, a Los Angeles-based real estate investment firm, has acquired a three-property, $400 million portfolio from Equity Residential (NYSE: EQR). The properties are Centennial (408 units) in Seattle, 77 Park Avenue (301 units) in Hoboken, New Jersey, and C on Pico (94 units) in Los Angeles. Including this purchase, JRK acquired $1.3 billion in multifamily assets, encompassing 3,400 units, in the United States in 2025, including Edge 1909, a 364-unit property in the Strip District of Pittsburgh acquired in December. 

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Build-to-RentInvestment SalesNewsNortheastPennsylvania

PPR, Bel Canto Buy Botanica Cottages in Metro Philadelphia

by Lynn Peisner

LIMERICK, PA. — Locally based PPR Capital Management, along with Bel Canto Asset Growth Fund, has acquired Botanica Cottages, a 199-unit property in Limerick, 35 miles northwest of Philadelphia. Developed in 1999, the townhome community offers one-, two- and three-bedroom floor plans. An attached garage is included in each direct-access unit. Amenities include a 24-hour fitness center and resort-style pool and hot tub. PPR and Bel Canto plan to implement a value-add strategy through interior unit renovations, which are expected to begin in the first quarter of 2026.

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Viking-Mill-Philadelphia
DevelopmentFinanceNewsNortheastPennsylvania

Chatham Bay Group Secures $37.5 Million Loan from 3650 Capital for Philadelphia Redevelopment

by Lynn Peisner

PHILADELPHIA — Developer Chatham Bay Group has secured a $37.5 million loan to complete construction of Viking Mill in the East Kensington neighborhood of Philadelphia. The lender was 3650 Capital. Viking Mill is being developed in two phases that are slated to deliver in the first and the fourth quarter of 2026, respectively. The project includes the repositioning of an 1800s-era mill into 77 loft-style apartments as well as the ground-up construction of an additional adjacent building that will house 100 units. The community will provide approximately 7,750 square feet …

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Blayr-Philadelphia
DevelopmentLeasing & MarketingNewsNortheastPennsylvania

Federal Realty Launches Leasing at Blayr in Metro Philadelphia

by Lynn Peisner

BALA CYNWYD, PA. — Federal Realty Investment Trust has begun leasing Blayr, a 217-unit community that represents Phase II of Bala Cynwyd on City Avenue in the northwest Philadelphia suburb of Bala Cynwyd. Move-ins will begin in March 2026. Blayr offers studio, one-, two- and three-bedroom units complemented by such amenities as an outdoor pool, a fitness center, a golf and multisport simulator, an indoor parking garage with electric vehicle charging stations, a pet spa and a walking path that connects directly to the Cynwyd Heritage Trail, a walking and …

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NOX-Pittsburgh
Leasing & MarketingNewsNortheastPennsylvania

Milhaus, BAM Capital Open NOX in Pittsburgh

by Lynn Peisner

PITTSBURGH — Milhaus and BAM Capital, the private equity division of BAM Cos., have launched leasing at NOX, a 272-unit property located at 2551 Frontier Drive in Pittsburgh, less than a mile from the Mall at Robinson. NOX offers 10 floor plans in studio, one-, two- and three-bedroom configurations. Units feature quartz countertops, stainless steel appliances, full-size washers and dryers, patios and balconies, oversized windows and Bluetooth entry systems. Amenities include a resident lounge, coworking space, a pool and deck with dual grilling stations and a fire pit area, a …

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Piazza-Alta-Phase-II-Philly
DevelopmentFinanceNewsNortheastPennsylvania

Post Brothers Receives $170 Million in Construction Financing for Second Phase of Philadelphia Piazza Project

by Lynn Peisner

PHILADELPHIA — Affinius Capital has originated a $170 million construction loan to finance development of Piazza Alta Phase II, a 431-unit project in Philadelphia’s Northern Liberties neighborhood. Locally based Post Brothers is the developer, and Ackman-Ziff arranged the loan. The community will feature two buildings, one eight and one 16 stories, containing studios and one-, two- and three-bedroom floor plans. Amenities will include a rooftop lap and lounge pool, grilling stations, fire pits, a fitness and yoga center, dry saunas, steam rooms, coworking spaces and bike storage. Post Brothers completed …

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Jacobs Woods
Investment SalesNewsNortheastPennsylvania

Equus Capital Partners Buys Complex in Lansdale, Pennsylvania, for $73.1 Million

by Channing Hamilton

LANSDALE, PA. — Locally based investment firm Equus Capital Partners has bought Jacobs Woods, a 230-unit community in Lansdale, located roughly 35 miles north of Philadelphia. Erin Miller led the Newmark team that brokered the $73.1 million sale. The seller was not disclosed. Built on 37 acres in 1996, the garden-style community offers one-, two- and three-bedroom units across 33 townhome-style buildings. The property was 98 percent occupied at the time of sale. The new ownership plans to upgrade unit interiors and amenity spaces.

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21 West
DevelopmentFinanceNewsNortheastPennsylvania

Joint Venture Secures $67 Million Construction Financing for 21 West in Pittsburgh

by Channing Hamilton

PITTSBURGH — A joint venture between Oxford Development Co. and RDC has received a $67 million construction loan for 21 West, a 291-unit project in Pittsburgh. Nick Unkovic and Zach Barone of JLL Capital Markets arranged the four-year floating rate construction loan through Dollar Bank. A construction timeline was not disclosed. Located at 430 W General Robinson St., the project will comprise 313,000 square feet across 11 stories. Units will come in studio, one- and two-bedroom floor plans. Residents will have access to amenities such as a sky bar on …

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Residences at The Streets of St. Charles
Investment SalesNewsNortheastPennsylvania

Morgan Properties Acquires 11-Property Portfolio for $501 Million

by Channing Hamilton

CONSHOHOCKEN, PA. — Morgan Properties has acquired a portfolio of 3,054 apartments across 11 communities in eight states. Chicago-based Trilogy Real Estate Group was the seller in the deal, which was valued at $501 million. The assets — which are located in Illinois, Indiana, Kentucky, Michigan, Missouri, Ohio, Oklahoma and Tennessee — were built between 1989 and 2018. Newmark brokered the sale of 10 of the communities in the portfolio, while Walker & Dunlop brokered the sale of one property. Morgan Properties states that the firm plans to implement a …

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