The Granary, a completed project with 229 residential units, three already filled ground floor retail spaces, and parking, just sold for $121 million to an LA area firm called Lowe Enterprises Investors.
Philly based developers Pearl Properties poured $60 million into the project, and almost doubled their investment. The project itself was built over five years, and went from an old Granary and grain silo to a luxury apartment complex with the help of an architectural team accustomed to building for the hospitality industry.
The Logan Square neighborhood where the Granary is located will see even more changes in the next few years. Rodin Square, the development which will house the relocated Whole Foods, will be built over the next few years.
· Exclusive: Center City apartment building sells for $120M [PHL Biz Journal]
· Granary building impresses with eight sided fireplace, rooftop movies [PHL Biz Journal]