Three-Year-Old Apartment Complex in Phoenixville Fetches $77.8 Million

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Image of Riverworks via the Philadelphia Inquirer.

Riverworks – a recently developed, 349-unit apartment complex in Phoenixville – has been sold to Pantzer Properties for $77.8 million, writes Natalie Kostelni for the Philadelphia Business Journal.

One of the biggest apartment projects to be built in Phoenixville in recent years, it was developed by Toll Brothers for around $66.5 million. It adds to the vibrancy of a town that is experiencing a resurgence.

The apartment complex at 45 North Main Street is comprised of six buildings, a clubhouse with resort-style pool, climbing wall, kayak storage, and various other amenities. The project was completed three years ago. At the time of sale, Riverworks was already 96 percent occupied and 99 percent leased.

The project is set on 30 acres on the north side of French Creek. It is within walking distance of Phoenixville’s restaurants and retail area and also offers access to the Schuylkill River Trail.

New York-based Pantzer already owns eight other properties in the Philadelphia area, all of which have been renamed under the real estate firm’s “Point” moniker. As a result, Riverworks has been renamed the Point at Phoenixville.

Read more about the sale in the Philadelphia Business Journal here.

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