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Philadelphia Multifamily

2116 Chestnut Taken to Market

Center City’s 2116 Chestnut St is on the block, reports the Philadelphia Business Journal. The 321-unit apartment building, developed by the John Buck Co of Houston and Indure Fund, was completed in 2013 and is now 94% occupied. As we reported when the building opened, “Renters by choice are also less interested in buying: The events of the last few years have re-affirmed their decision not to buy. The developers of new apartments, such as...2116 Chestnut St in Center City, are betting renters by choice stay that way.” The sellers hope to fetch as much as $160M for the property; HFF is overseeing the sale.

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