Save the date: RealShare Philadelphia comes to the Crystal Tearoom in Philadelphia on March 7.
PHILADELPHIA-Having recently arranged three multifamily property sales that netted $8.65 million, brokers from Gebroe-Hammer Associates say apartment buildings continue their run as one of the healthiest commercial real estate investments in the area.
In the largest of the recent transactions, Joseph Brecher and Eli Rosen of the New Jersey-based firm closed the $5.8 million sale of 96 garden-apartment units at Liberty Crossing, 3101 & 3201 Woodhaven Rd. Set in northeastern Philadelphia, the apartment complex has six three-story buildings with a mix of one- and two-bedroom units.
The community borders suburban Bucks County and is adjacent to the Franklin Mills Outlet Mall and near the newly opened Parx Casino and Racing complex.
“Due to Philadelphia’s location between New York City and Washington, D.C., the city and its Pennsylvania/South Jersey suburbs are experiencing high levels of investor and tenant demand – both of which are feeding today’s competitive asking prices and high occupancy rates,” Brecher says.
Nearby, in the city’s West Mt. Airy neighborhood, market specialist Rosen also arranged the $2.25 million sale of a mid-rise building, Cresheim Valley Apartments, which sold for just under $100,000 per unit. Set on a residential block near the upscale Chestnut Hill shopping district, the four-story brick building has a mix of two- and three-bedroom units that each have more than 1,100 square feet of living space. Every apartment has a formal dining room, hardwood floors, 9- or 10-foot ceilings, living rooms with bay windows and ornamental fireplaces.
Rosen also brokered the $735,000 trade of 42 two-bedroom units at Aspen Village, 732-772 North 49th St., in the Mill Creek section of West Philadelphia near University City. The property consists of three two-story brick buildings with a ground-floor garage and laundry room.
“The buyer plans to undertake a comprehensive renovation in order to reposition the asset and render it competitive with much of the new construction that has been underway in the area,” says Rosen.
He notes that the Mill Creek section of the city has undergone a transformation in recent years, making it a sought-after neighborhood for families.”
Each of the recently sold buildings has good access to institutions of higher education, shopping, arts and entertainment, cultural attractions and major and local roadways, as well as commuter bus and rail lines, the G-H brokers point out.
Gebroe-Hammer Associates specializes in suburban and urban high-rise, mid-rise and garden-apartment properties throughout New Jersey, New York and Pennsylvania, including Philadelphia. The firm also markets mixed-use and free-standing office and retail properties on behalf of a wide range of long-term clients, including private owners, REITS, private equity firms and other institutional investors.