Philadelphia Multifamily Wrap-Up – October 2020

Center City luxury condos top off. Upper Dublin mixed-use development opens. Catch up with our October selection of Philadelphia must-reads.
Philadelphia. Image by Bruce Emmerling via Pixabay.com

Even as many Philadelphia renters faced uncertainty in October, the metro’s multifamily sector remained active, particularly in terms of development. Despite a nationwide slowdown in construction starts, two projects totaling more than 750 units kicked off in October, adding to the more than 11,000 units already underway, Yardi Matrix shows. Read our October list of Philadelphia must-knows:

1. DEVELOPMENT – Center City luxury condos top off.

Bock Development Group placed the final beam on the 29-unit 2100 Hamilton, according to Philadelphia Business Journal. The developer broke ground on the $60 million high-end project in 2019 and completion is slated for fall 2021. Taking shape less than 1 mile from the Philadelphia Museum of Art within Logan Square, the 10-story building will have floorplans ranging from 1,736 to 3,294 square feet. Amenities will include an infinity pool, a fitness center and event space.

2. FINANCING – Walker & Dunlop secures $25.2 million Bethlehem refi.

Working on behalf of Boyd/Wilson, the firm arranged the fixed-rate Fannie Mae loan for the 216-unit Bethlehem Fields Apartments. The 10-year, cash-out refinancing has three years of interest-only payments. Located at 2515 Bethlehem Fields Way in the Lehigh Valley region, the Class A community’s 14 residential buildings delivered in 2005. The owner intends to use loan proceeds for capital improvements.

3. DEVELOPMENT – Upper Dublin mixed-use project delivers.

BET Investments’ $200 million Promenade at Upper Dublin’s first residents and retail tenant moved in at the beginning of the month, according to Philadelphia Business Journal. Located at 1100 Market St. near the intersection of Dreshertown and Welsh roads, the project’s multifamily component features 402 studio, one- and two-bedroom apartments ranging from 570 to 2,529 square feet. The 25-acre property also includes 138,000 square feet of retail space, a four-story parking structure and a 2-acre public park.

4. DEAL – Palmyra community changes hands.

A private investor paid AJH Management $6.9 million for the 64-unit Palmyra Arms Apartments, according to Yardi Matrix data. The seller had acquired the property in 2016. Situated on 1 acre at 50 W. Broad St., the 1954-built community has one-bedroom apartments with 975-square-foot floorplans. The property is some 11 miles from downtown Philadelphia, just south of the Delaware River.

5. FINANCING – Relative Properties, Angelo Gordon land $23.4 million suburban Philly loan.

JLL secured the 10-year, fixed-rate financing through Freddie Mac for Westridge Gardens, a 136-unit community in Phoenixville. Completed in 1989 and renovated in 2017, the community occupies 13 acres at 909 Westridge Gardens Lane, adjacent to the city’s 8-acre Veterans Memorial Park. The 15 two-story buildings’ one- to three-bedroom units average 986 square feet. Amenities include a swimming pool, sport court and playground.