Lowe Snags Downtown Philadelphia Luxury Apt. Building

Law360, New York (October 30, 2013, 5:13 PM EDT) -- An affiliate of real estate developer Lowe Enterprises Inc. on Tuesday announced it has acquired the Granary, a new nine-story, class A multifamily building in downtown Philadelphia, from real estate investment company Pearl Properties.

The Granary, a 229-apartment building with 20,463 square feet of retail space, was completed earlier this month, and so far 40 percent of its units have been leased, according to Lowe.

“The Philadelphia apartment market continues to demonstrate strong demand and growth,” Bleecker Seaman, co-head of Lowe Enterprises Investors, said in a...
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