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Real Estate Journal — Mid-Year Review — June 24 - July 14, 2016 — 7C
M id A tlantic
M ulti -F amily S ales
By Mark Duszak, Rittenhouse Realty Advisors 2016 multi-family sales setting new highs
2 016 is showing strong sales, high demand and record per-unit pricing
A downtown location allows Millennial renters and empty nesters to take advantage of the city lifestyle. Many Millennials and Baby Boomers favor low-mainte- nance, resort-style living to owning homes. Apartment communities are offering more and more amenities to ap- peal to these renters. Luxury amenities like dog parks, pet friendly units, resident loung- es, pools and yoga/meditation rooms are now just as standard as granite counter tops and stainless steel appliances, especially in new construction. Multi-family owners, investors and developers will continue to
prosper throughout 2016, and both sellers and buyers will be able to capitalize on the 2016 bull market. Sellers will be able to exit with high prices and buyers will be able to ex- ecute with low interest rates. Rittenhouse Realty Advisers can offer strategic advice on developing a plan that fits your multi-family investment goals. Rittenhouse Realty Advisors is a Philadelphia, PA based real estate advisory firm with an extensive focus in the bro- kerage of multi-family commu- nities throughout the Northeast region of the United States. Mark Duszak is a director at Rittenhouse Realty Advisors . n
f o r mu l t i - family sales. This follows 2015, which was an out- s t a n d i n g year for the multi-family real estate industry.
Mark Duszak
Rittenhouse Realty Advisors has sold over 3,800 apartment units totaling north of $360 Million in sales since opening in 2013 and predicts a record year for 2016. We have seen elevated interest in all types of multi-family assets from local investors, as well as national and international investors. Examples of our recent garden- style apartment sales include: Wyndmoor Gardens (88 Units in the Chestnut Hill section of Philadelphia), Farmington Court (60 Units in Pottstown, PA) and Springhouse Apart- ments (32 units in Trappe, PA). Examples of recent mid-rise and high-rise sales include: Hill House Apartments (188 units in the Chestnut Hill Sec- tion of Philadelphia) and Ches- ter Plaza & The Netherlands (138 units in the University City section of Philadelphia). Examples of recent new con- struction sales include: Resi- dences at 3862 Lancaster (23 units) and Residences at 3939 Lancaster (12 units, both in the University City/Powelton Vil- lage section of Philadelphia). Record breaking price per unit sales were seen in the Center City and Suburban Philadel- phia, Lehigh County, New Jersey and Delaware markets. Mul t i -Fami ly Rents Continue to Grow: Rent growth continues as apartment owners continue to experience high occupancy. Mil- lennials and Baby Boomers are contributing to growing rents in both urban and suburban areas, although we have seen a larger rental increases in urban loca- tions. We expect these higher rents to cause record per-unit pricing in building sales for the remainder of 2016. Multi-Family Construc- tion Continues to Grow: The robust rental growth has caused a significant increase in construction, especially in major metropolitan areas. The Philadelphia skyline is full of construction cranes building to accommodate renters who are seeking a dense urban-living
Hill House Apartments, Philadelphia, PA
environment where there you don’t have to draw a straight line between work and social
life. Current renters are paying a premium around $3 PSF to live in the City of Philadelphia.
JUST SOLD
Chester Plaza University City - Philadelphia, PA 77 Units
The Netherlands University City - Philadelphia, PA 61 Units
23 Cricket Avenue Ardmore, Main Line - Philadelphia, PA 17 Units
Red Bell Brewery Redevelopment Site Brewerytown - Philadelphia, PA 200,000 SF Building | 70,000 SF Lot
Pyramid Electric Redevelopment Site Brewerytown - Philadelphia, PA 71,065 SF Building
2330 Sansom St. - Redevelopment Site Rittenhouse Square - Philadelphia, PA 5,529 SF Lot | Record Price PSF!
Ca l l ( 215 ) 454 - 2852 for a FREE Proper t y Va l uat i on ! Additional Information and Listings Available on Our Website: www.rittenhouserealty.com
Corey Lonberger, Managing Partner corey@rittenhouserealty.com
Mark Duszak, Director mark@rittenhouserealty.com
KenWellar, Managing Partner ken@rittenhouserealty.com
For information visit www.RittenhouseRealty.com or call (215) 454-2852
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