Developer sells luxury University City tower to California-based firm

A 28-story University City high-rise, with luxury apartments and retail space, has traded hands.

The building, which sits at 3601 Market Street, was sold last week by developers Southern Land Company, to San Francisco-based investment firm FPA Multifamily, according to a statement from the developers, who did not include the sale price.

The building, which has over 350 high-end apartments, a pool, and nearly 14,000 square feet of retail space, opened in the fall of 2015—a first high rise for the developers, who said in the statement that they’re proud of the building’s legacy. It even received LEED certification in 2016.

“The project resonated with the market, setting a new standard for design and livability in one of the most dynamic neighborhoods in Philadelphia, Southern Land Company CEO Tim Downey said in the statement.

Southern Land Company has come a long way in those few years; they’re now developing a massive, 48-story luxury apartment and retail tower in Rittenhouse Square, called The Laurel, which is expected to break ground within the next few months.

• Inside The Laurel at Rittenhouse Square [Curbed Philly]