Granary apartments sold
California-based Lowe Enterprises Investors, a real estate investment management company, has purchased Philadelphia's Granary, a recently completed apartment complex, from Pearl Properties on behalf of an undisclosed investor. The purchase price also was not revealed.
California-based Lowe Enterprises Investors, a real estate investment management company, has purchased Philadelphia's Granary, a recently completed apartment complex, from Pearl Properties on behalf of an undisclosed investor. The purchase price also was not revealed.
The nine-story complex at 20th and Callowhill Streets, located across from the new Barnes Foundation museum, includes 229 apartments and 20,463 square feet of retail space. It is 40 percent leased, according to a statement issued Monday by Lowe.
"It's an important endorsement of the Philadelphia multifamily market from an institution investor," Carl Dranoff, a Philadelphia developer not connected with the Granary, said in an e-mail.
Lowe said it has retained Greystar to provide property management for The Granary. Berkadia Commercial Mortgage sourced the debt, Lowe said.
Lowe said it has been responsible for $7 billion in real estate assets, including commercial, hospitality and debt investments, since its inception in the late 1980s. - Diane Mastrull