(Read more on the multifamily market.)
PHILADELPHIA-Venice Lofts, a multifamily complex on VeniceIsland between the Schuylkill River and Manayunk Canal thatbrokeground as a condo project in mid-2005, has been convertedto rental apartments. In late 2006, the developer, locally basedDranoff Properties, decided that rather than sell into a decliningmarket, it would lease the complex's 128 units.
"People, especially young people, are a little frozen now," saysCarl Dranoff, owner. "The condo market is unsettled, and they'reexploring their options. In addition, there are people who areunable to sell houses in the suburbs. There is pent-up demand forrentals, and that market is strong.
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