Briar Capital Management Acquires NorthxNorthwest Complex In Philadelphia For $172 Million

The NorthxNorthwest complex, located at 450 North 18th Street in Philadelphia's Logan Square, is a mixed-use property that has recently been sold. This asset consists of 572 rental units, 16 townhomes, and a parking garage, all of which are fully leased. The transaction was valued at $172 million, resulting in a price per unit of approximately $300,699. Rent for the units spans from $1,280 to $4,841.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $172,000,000
• Buyer: Joseph Jaspan & Jonathan Lauer - Briar Capital Management
• Seller: Bill MacDonald - Mill Creek Residential
• Broker: Fran Coyne - JLL
• Units: 572

This transaction involved key individuals from Briar Capital Management, who acquired the property under the management of Joseph Jaspan and Jonathan Lauer. The seller, Bill MacDonald, represented Mill Creek Residential, while Fran Coyne from JLL acted as the broker facilitating the deal.