Corinthian Apartments, 909 Corinthian Ave., Philadelphia, PA

PHILADELPHIA, PA—With the 2018 multifamily investment year drawing to a close, Gebroe-Hammer Associates has arranged the sale of 22 units at 909 Corinthian Ave., in the Francisville neighborhood of Philadelphia, PA. Sales associate Joseph Gehler and senior vice president Eli Rosen exclusively represented the seller and procured the buyer in the $4.55 million trade, which garnered a $206,818 per unit sale price.

According to Real Capital Analytics, a proprietary research database that tracks commercial real estate transactions, the property last traded hands in June 2015, when Spina & Co. acquired it from Lasdon Real Estate for $2.5 million, or $131,579 per unit.

The turn-of-the-century elevator building is strategically located at the corner of Corinthian Avenue and Cambridge Street, within the city's trendy Art Museum District alongside Fairmount Park.

“This entire 28-block district is undergoing sweeping revitalization and is literally on the frontlines of gentrification,” says Gehler, who has been a member of the firm's Greater Philadelphia brokerage team for two years. “It has tremendous appeal among the young-professional renter base, which accounts for 75% of the overall population and is attracted to the neighborhood's direct connection to Center City via Ridge Avenue.”

The extremely well maintained, distinctive five-story property features a mix of one- and two-bedroom layouts, on-site parking and laundry facilities. Neighborhood amenities include an array of outdoor leisure opportunities at Fairmount Park. Girard College and Temple University are nearby.

The mass-transit-dependent population is served by SEPTA's Broad Street Subway stations at Fairmount and Girard as well as trolley route 15 at Girard Avenue and bus routes 2, 33 and 61.

“Similar to so many of the cities in the Northeast, Philadelphia's outer neighborhoods offer proximity and affordability to a thriving city center, which in this case is Center City,” says Rosen. “In turn, multifamily is benefitting from a rippling effect in terms of sound property-value fundamentals, steady asking-rent appreciation and the establishment of popular of lifestyle service providers and centers that meet the requirements of today's young and established millennials, academics and even empty nesters.”

In the past six months, the Gebroe-Hammer Philadelphia Metro team has arranged multifamily investment sales of more than 775 apartment units sold for more than $126.18 million, in Philadelphia and area suburbs.