NorthxNorthwest, a two-tower complex in Philadelphia’s Logan Square that hit the market in February, is now spoken for.
New York City-based Briar Capital Management closed on the property Thursday for $172 million. The rental buildings, once known as Museum Towers II, are located at 450 North 18th Street. The 572-unit high rise includes 16 townhomes in addition to its two core towers and a 400-spot parking garage.
Briar purchased the property from Mill Creek Residential, a Boca Raton–based real estate firm. It was the only Philadelphia asset in Mill Creek’s multifamily holdings. The Arizona State Retirement System bought a 50 percent stake in Mill Creek in 2018.
Table Management, activist investor Bill Ackman’s family office, partnered with Briar on the deal. JLL’s Fran Coyne marketed the property. The low-profile Briar is run by Joseph Jaspan and Jonathan Lauer, who met while at Columbia Business School where Ackman hosted an investment competition called the Pershing Square Challenge.
NorthxNorthwest was also previously owned by Forest City Residential Group and Brookfield Asset Management. Brookfield acquired Forest City in 2018.
The two towers were developed separately. The 17-story northwest tower was completed in 1987, with 286 rental units and over 13,000 square feet of commercial space. Three decades later, Forest City built the 16-story, 270-unit north tower for $110 million, and added the townhomes and parking garage.
Apartments range from studios to two-bedrooms. The complex is fully rented. In February, unit rents ranged from $1,280 to $4,841.
Amenities at the complex include a rooftop deck, fitness center, outdoor dining and 24-hour concierge. Briar Capital has enlisted Greystar as the complex’s property manager.
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