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March 28, 2018  

Luxury Phila. Apartments on Block

A recently stabilized luxury apartment tower in Philadelphia’s University City neighborhood is being pitched as a core play.The leasehold interest in the 363-unit property, at 3601 Market Street, is expected to command bids of about about $145 million, or $400,000/unit. That would translate into an initial annual yield of about 5.25%.The seller is a partnership between Southern Land of Franklin, Tenn., and Redwood Capital Investments of...

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