B
riar Capital Management, a New York City-based firm, has acquired the NorthxNorthwest complex in Philadelphia's Logan Square for $172 million. The two-tower rental building, formerly known as Museum Towers II, is now fully spoken for after closing on the deal Thursday. Located at 450 North 18th Street, the high-rise features 572 units, including 16 townhomes and a 400-spot parking garage.

    The property was previously owned by Mill Creek Residential, which sold it to Briar Capital. The Arizona State Retirement System holds a 50% stake in Mill Creek, acquired in 2018. Table Management, an investment firm backed by Bill Ackman's family office, partnered with Briar on the deal. JLL's Fran Coyne marketed the property.

    The complex was developed separately over two decades. The northwest tower, completed in 1987, features 286 rental units and commercial space. Forest City Residential Group built the north tower in 2018 for $110 million, adding townhomes and a parking garage. Apartments range from studios to two-bedrooms, with unit rents ranging from $1,280 to $4,841. Amenities include a rooftop deck, fitness center, outdoor dining, and 24-hour concierge. Briar Capital has appointed Greystar as the property manager.