John McFadden and Robert Miller, SVPs in the local office of CBRichard Ellis, represented the seller. "The price sets a newbenchmark for Philadelphia residential," McFadden tellsGlobeSt.com, adding, "the cap rate is below 5%, which is also anhistorical benchmark."

The local office of Marcus & Millichap projects a $58,000median price-per-unit for multifamily sales throughout thePhiladelphia MSA this year. That median rose 24% last year and 19%the year before. The only recent sale that even approaches Domb'sticket for 2031 Locust is a small, nine-unit property in WestChester, PA, which, according to M&M data, traded for $150,000a unit.

The Locust St. building is part of the 15-property multifamilyportfolio Morgan acquired from locally based Pennsylvania RealEstate Investment Trust. At the time, PREIT exited the multifamilymarket to become a retail-only REIT. GMACCM arranged $313 millionin debt financing for Morgan's purchase of the portfolio, and, onthe advice of its subsidiary, GMAC Institutional Advisors LLC, alsomade a $90-million equity investment in the portfolio. Proceedsfrom this sale will be used to pay down the GMACCM debt.