NorthXNorthwest, a 572-unit, high-rise apartment development in Logan Square is going up for sale, writes Paul Schwedelson for the Philadelphia Business Journal. 

The development features two towers and 16 townhouses with studios and one- and two-bedroom apartments.

About 95 percent of the development is leased.

The 17-story northwest tower was built in 1987 and has 286 units with more than 13,000 square feet of commercial space.

The 270-unit north tower was completed in 2017, which doubled the residential complex. The 16-story second phase was developed by Cleveland-based Forest City Residential Group, which Brookfield Asset Management Inc. bought in 2018 for $11.4 billion.

According to the Center City District, it included 16 townhouses and a 400-space parking garage. 

JLL’s Fran Coyne, who has the listing, said the property could attract both institutional and private prospective buyers, some without an existing presence in Philadelphia, because of the scale of the property with 572 units. 

“It’s a great opportunity to come in if you don’t already have something here,” Coyne said. “You’ll be able to manage the property more efficiently than if you came in on a smaller scale.”

The property was most recently assessed at $104.4 million.

Read more about the NorthXNorthwest complex at the Philadelphia Business Journal. 

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