Philadelphia High-Rise Complex Heads to Market

A two-tower residential complex in Philadelphia’s Logan Square is about to come onto the market.

NorthXNorthwest — not to be confused with its cardinal direction counterpart festival in Texas — is set to be listed next week, the Philadelphia Business Journal reported. The 572-unit high-rise at 450 North 18th Street includes 16 townhomes along with its two core towers, which were once known as Museum Towers II.

The two structures were developed separately. The 17-story building on the northwest rose in 1987. It has 286 units and upwards of 13,000 square feet of commercial space. Thirty years later, the 16-story, 270-unit north tower was erected by Forest City Residential Group, a $110 million phase that also included the townhomes and a 400-spot parking garage.

The complex, which is 95 percent leased, won’t have a listing price when it goes up for sale. The most recent assessment of the property pinned its value at $104.4 million. The units range from studios, one- and two-bedrooms and the monthly rent ranges from $1,280 to $4,841, according to Apartments.com.

Amenities include a rooftop deck, 24-hour concierge services, a fitness center and an outdoor dining area.

JLL’s Fran Coyne, who is marketing the property, declined to identify the seller to The Real Deal. He told the Business Journal the scale of the development could attract investors and buyers from out-of-market.

The property is not listed in the portfolio of Brookfield Asset Management, which acquired Forest City for $11.4 billion in 2018. It is, however, listed in the portfolio of Boca Raton-based Mill Creek Residential, the only Philadelphia asset in the firm’s multifamily holdings.

A representative for Mill Creek did not immediately respond to a request for information from TRD.

— Holden Walter-Warner