Philadelphia Multifamily Trades for $233M

Fairstead has acquired a 45-story, 612-unit property in an acquisition that serves as the largest single-asset multifamily sale in Philadelphia’s history.

PHILADELPHIA, PA – New York-based real estate developer, Fairstead has acquired a 45-story, mixed-use multifamily building in Philadelphia’s Rittenhouse Square neighborhood for $233 million. The firm purchased the property from Barings.

The transaction represents the largest single-asset sale in Philadelphia’s multifamily market history. The transaction also serves as Fairstead’s first acquisition in Philadelphia.

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