PHILADELPHIA, PA—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, according to Eli Rosen, senior vice president of Gebroe-Hammer. 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.
Rosen represented Post Brothers, 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," says Rosen. "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," says Rosen. "Surrounding urban and suburban submarkets are commanding unwavering attention as well." Elsewhere in the market, Gebroe-Hammer has sold over 900 units for a total $68 million.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
