Tuesday, November 10, 2015

Multi Family Transaction Pace Accelerates in Philadelphia

by Steve Lubetkin, Globest.com
Gebroe-Hammer Associates has had a good year so far in Philadelphia, with sales totaling $128 million and 1,250 units, and the market continues to be white-hot, the firm's market specialists say.

Philadelphia’s transaction pace is accelerating in University City and Center City. The urban market specialist recently was involved in arranging more than $60 million in sales encompassing over 350 units throughout the city’s central and western neighborhoods.

Post Brothers, is one of Philadelphia’s most active multi-family property owners and developers seeking to expand their citywide portfolio. These trades included Garden Court Plaza, a 146-unit, 13-story 1920s-era apartment building located at the corner of 47th and Pine Street, and Roosevelt Apartments, a two-building complex just off Rittenhouse Square at 2216-2222 Walnut St., in Center City. As previously reported by GlobeSt.com, Post Brothers says it will invest $250 million in University City. Both properties are undergoing extensive renovations and repositioning to cater to citywide demand for upscale apartment-homes with superior amenities.

“Districts like University City and Center City are commanding tremendous investment and development interest thanks to gentrification and revitalization initiatives that have gained remarkable momentum during the past several years. Post-graduates are contributing toward defining the ‘vibe’ or character of these districts where the arts, eclectic dining and historic architecture are attracting renters en masse.”

“As forecasted, investor appetite has been insatiable and the tenant base of young professionals continues to absorb new product metrowide at a historic pace. Surrounding urban and suburban submarkets are commanding unwavering attention as well."

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