High Street Residential Sells Philly-Area Asset
This luxury property came online in 2022.
High Street Residential, a subsidiary of Trammell Crow Co., has sold Matson Mill, a 280-unit luxury community in Conshohocken, Pa., near Philadelphia. CBRE marketed the property on behalf of the seller.
A joint venture between HSR and MetLife Investment Management developed the property with the help of a $49.5 million construction loan from Santander Bank, Yardi Matrix data shows. Hord Coplan Macht provided architectural and landscaping services, as well as multifamily interior designs.
The 2022-completed Matson Mill encompasses studio, one- and two-bedroom floorplans ranging between 487 and 1,818 square feet. Units feature walk-in closets, quartz countertops and open-plan layouts. In addition, 45 percent of units provide river views while 73 percent include balconies or terraces.
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Community amenities consist of a swimming pool, clubroom with kitchen, game room, conference lounge, gym, train waiting area, as well as a dog wash station. Matson Mill was roughly 95 percent occupied at the time of sale.
Located at 101 Washington St. along the Schuylkill River, the community is across from the Southeastern Pennsylvania Transportation Authority Regional Rail Station—which SEPTA plans to improve with the addition of a new parking garage and other amenities. Matson Mill is also roughly 3 miles from interstates 476 and 76, as well as some 15 miles from downtown Philadelphia.
The team that marketed the property on behalf of HSR included CBRE Senior Vice President Spencer Yablon alongside Vice Chairman Brian McAuliffe and Senior Associate Brad Megay, among others.
Philly’s multifamily scene on the mend
Despite having 3,037 units delivered during 2024’s second quarter—compared to 2,068 units in Q1—Greater Philadelphia’s occupancy rate stood at 95.3 percent in June, 10 basis points higher than the March statistic, a recent CBRE report shows. What’s more, metro’s overall average rent inched up 1.5 percent in June from the previous quarter.
Philadelphia’s multifamily investment volume grew likewise, deals amounting to $191.5 million year-to-date as of June. In the first three months of this year, $149.9 million in sales were recorded, the same report reveals.
Last month, Morgan Properties purchased 11 assets throughout Pennsylvania. DePaul Management Co. sold the assets encompassing 3,434 units across Philadelphia, Pittsburgh, the Lehigh Valley, Reading and Harrisburg.
