Arent Fox Guides FCP's $118M Philly Apartment Complex Deal

Law360 (June 14, 2019, 3:48 PM EDT) -- Real estate investment company FCP has acquired a 286-unit luxury high-rise apartment complex in Philadelphia for $117.9 million in a deal guided by Arent Fox LLP that also includes excess land that can be developed, the company said Friday.

FCP said that it bought the building, Edgewater Apartments, from institutional investors that were advised by J.P. Morgan Asset Management, and noted the deal also includes a stand-alone parking garage and a billboard along Interstate 676. The investment is FCP's fourth in Philadelphia's Center City.

"Edgewater presented us with an opportunity to invest in a premier asset in a market in which...

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