Philadelphia Multifamily Sales Accelerate This Year
- Nov 30, 2015
Philadephia—Philadelphia’s multifamily transaction pace is accelerating in University City and Center City, according to urban market specialist Gebroe-Hammer Associates.
The company has recently arranged more than $60 million in sales encompassing more than 350 units throughout the city’s central and western neighborhoods.
These transactions included properties such as 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 community just off Rittenhouse Square at 2216-2222 Walnut St., in Center City. Both communities are currently undergoing renovations and repositioning to cater to citywide demand for upscale apartments with high-end amenities.
“Districts like University 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,” said Eli Rosen, senior vice president of Gebroe-Hammer Associates. “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.”
In 2015 thus far, Gebroe-Hammer’s Philadelphia market specialists Rosen and Managing Director Joseph Brecher brokered sales totaling $128 million and 1,250 units.
“As forecasted, investor appetite has been insatiable and the tenant base of young professionals continues to absorb new product metrowide at a historic pace,” explained Rosen. “While University City and Center City are among the city’s hottest submarkets, surrounding urban and suburban submarkets are commanding unwavering attention as well.” Beyond University and Center City, Gebroe-Hammer has sold over 900 apartment units in Philadelphia for a total of $68 million.
Gebroe-Hammer is one of the most active multifamily investment sales brokerage firms within the Philadelphia/New Jersey/New York State corridor. The firm’s brokerage activities focus on suburban and urban high-rise and garden-apartment properties throughout the Northeast and nationally. Gebroe-Hammer also markets mixed-use and free-standing office and retail properties.
Image courtesy of Gebroe-Hammer