The Canvas apartment complex in King of Prussia is off the market, writes Natalie Kostelni for the Philadelphia Business Journal.

The 231-unit building is geared towards 55+ renters and was developed by the Carlyle Group and Bozzuto Group, and sold to a Radnor real estate firm Livingston Street Capital.

The Canvas apartment model was testing the waters of the apartment market, and Maryland-based Bozzutto wanted to try out a multifamily project for this age range. Canvas is located in the King of Prussia Town Center, in a walkable community with lots of restaurants and shopping near the PA Turnpike and Route 76.

The PBJ said in a previous interview with a Bozzutto company executive that Canvas was mulling over the idea of a new brand for an older renter in the 45-55 range, or 55+.

The “lease-up” process also takes a bit longer when a 55+ community gets rid of decades-old possessions and furniture that were once in a house before committing to renting at Canvas, so that is another thing to consider.

Multifamily buildings in King of Prussia are much sought after, ie Hanover King of Prussia sold for $119 million in 2018, while the Smith sold for 116.2M$ last year to UDR Inc.

Read more about the Canvas apartment sale in King of Prussia at Philadelphia Business Journal.