Source: Curbed Philadelphia
Korman Residential Properties and the Carlyle Group are the new owners
3737 Chestnut, a 26-story apartment tower in University City, has been sold for $118 million. Radnor Property Group just announced the sale of its relatively new-ish property to Korman Residential Properties and The Carlyle Group for the pricey sum, amounting to $544 per square foot. Currently, all 276 luxury units are leased.
The big sale comes as Radnor Property Group focuses its attention on its two other residential projects in Philly. Its 16-story tower Vue32, also in University City, is also finishing up construction and already leasing, and work is set to begin on a series of townhomes on the same site. In addition, Radnor also just broke ground on the Hamilton, a multi-phase residential project in Logan Square.
For 3737 Chestnut, Radnor Property Group partnered with Philadelphia Episcopal Cathedral to help preserve the church in addition to building the 26-story tower. In total, the project cost about $92.5 million.
Philadelphia Episcopal Cathedral Dean, Judith Sullivan expressed thanks to God for "bringing us to this day. From the outset, the goals of this project have been to convert assets of land and air rights to income that will be used to advance the Gospel, deepen and expand our ministries, and care for our historic Cathedral. We have been blessed throughout by the gifts of so many who came together in support of this project and we rejoice."
