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Fairstead & Castlelake Announce Acquisition of 1500 Locust Street, A Mixed-Use, Multifamily High-Rise in Center City, Philadelphia

The high-rise includes 612 rental apartments, 7,700 square feet of street-level and corner retail space, and a 398-space parking garage

1500 Locust in Center City is attractively located at the confluence of three of Philadelphia’s most prominent neighborhoods: Rittenhouse Square, the Avenue of the Arts, and the Central Business District

Fairstead, a purpose-driven, vertically integrated real estate company committed to sustainable development and the creation and preservation of high-quality housing, and Castlelake, L.P., (“Castlelake”) a global alternative investment manager with 16 years of experience investing in asset-rich opportunities, today announced the acquisition of 1500 Locust Street in Center City, Philadelphia. The 45-story high-rise includes 612 rental apartments with a penthouse amenity suite for residents, 7,700 square feet of street-level retail space, and a 398-space parking garage.

“1500 Locust is situated in a prime location in Philadelphia, with access to world-class attractions, award-winning dining, high street retail and mass transit, while offering top-tier amenities and living spaces,” said David Murstein, Managing Director, Development at Fairstead. “In partnership with Castlelake, we aim to enhance the residential experience at the building with improvements to amenity spaces, apartments, and programming, ensuring that 1500 Locust remains one of the most desirable places to live in the city.”

Castlelake has deep experience and knowledge investing and managing real assets across geographies and has acquired more than 30,000 assets across the U.S. since its founding in 2005. Its recent real assets transactions include the sale of five residential communities across high-growth cities in Texas and Tennessee. Fairstead’s acquisition of 1500 Locust follows major acquisitions this month in New York, Texas, and Florida. The transaction was brokered by Lizann Mcgowan, Executive Managing Director at Newmark.

Originally built in 1974, 1500 Locust Street is located in the heart of Philadelphia, the 5th largest downtown in the United States, within the famous Rittenhouse Square area. The high-rise is one block from the renowned Avenue of the Arts and within walking distance to Philadelphia’s Central Business District.

The building’s 612 apartments are modern one-, two- and three-bedroom units with washer/dryers and some with balconies overlooking Center City. The penthouse level features an amenity suite for residents including a glass-enclosed indoor heated swimming pool and jacuzzi with retractable windows and an expansive roof deck with grills, cabanas, and panoramic views of the city. There’s also a lounge with a full kitchen where residents can work, relax, and host events, a 24/7 state-of-the-art fitness center, screening room, and 24/7 concierge in the lobby. The 7,770 square feet of street-level retail consists of two full-service restaurants.

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