MRP Realty (and Bob Murphy, right) has apparently fallen in love with the City of Brotherly Love, announcing yesterday the purchase of the residential portion of Philly's Avenue of the Arts building—its first buy outside of the DC area. MRP Residential, a division of MRP, and Principal Real Estate Investors teamed up and plan to redevelop the 115-year-old building in to a new, 220-unit complex, without affecting its existing facade. Bob tells us Philly is "a natural market for our first expansion out of the metropolitan Washington area based on the existing residential demographics."
MRP's First Out of Town Buy
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Related Topics:
Bob Murphy
, Brotherly Love
, MRP Realty
, MRP Residential
, Principal Real Estate Investors
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