12A — January 13 - 26, 2017 — Financial Digest — Tax Issues & Accounting — M id A tlantic
Real Estate Journal
www.marejournal.com
N ortheastern PA $60 million in multi-family sales for Gebroe-Hammer Associates in past 12 months Philly’s population growth & citywide employment gains lay groundwork for greater multi-family demand
hiladelphia, PA —Demand for Greater Philadelphia apart- ment rentals and invest- ments are on the rise in the wake of healthy population growth citywide and regional employment gains, according to Gebroe-Hammer Associ- ates’ Senior Vice President Eli Rosen. The Philadelphia area market specialist closed more than $60 million in multi-family sales involving 780+ units in 2016 and antici- pates a quick start to the new year in terms of apartment- rental trading. P
“Apartment performance in Philadelphia proper and the surrounding submarkets has been gaining in terms of rent appreciation and tenant and investor demand, which mir- rors growth in the business/ professional services, health- care and educational sectors,” said Rosen. “Millennials and empty nesters, the majority of whom are renters by choice, as well as renters by necessity are flooding the tenant-pool pipeline, strengthening occu- pancy rates and establishing new rent-increase bench- marks that are manageable,
given the current economic climate, rendering multi-fam- ily investment more desirable than ever.” Investors are eyeing all types of multi-family prod- uct, from older downtown properties to established apartment-rental communi- ties in adjacent counties, according to Rosen. In terms of well-established, relatively historic properties, recent transactions include the $3.925 million sale of 87 units at 1605 W. Allegheny Ave., in the Temple University/ Upper North Philadelphia neighborhood; the $2.54 mil- lion trade of 39 units in the up-and-coming Germantown section of the city; and the sale of a four-story Colonial Revival apartment building comprised of 28 units in West Philadelphia. Beyond Phila- delphia County, Rosen also recently spearheaded two separate transactions involv- ing a total of 128 units sold for a combined $8.25 million in Delaware County. “Philadelphia’s gentrifying neighborhoods are gradu- ally extending their reach to surrounding city blocks and once-blighted parts of the city,” said Rosen. “The City of Brotherly Love’s transforma- tion will continue – and even accelerate – as sweeping re- development initiatives, such as the Comcast Innovation and Technology Center, FMC Tower and the Navy Yard project, significantly add even more renters to the existing tenant pipeline. Today’s ten- ants are seeking high walk and transit-score residential living options readily avail- able in new hip and trendy neighborhoods.” Since the late 1990s, Ge- broe-Hammer Associates has been a leader in representing multi-family property own- ers and investors in apart- ment-building transactions throughout the Philadelphia/ South Jersey MSA. The firm’s brokerage activities concen- trate on suburban and urban high-rise and garden-apart- ment properties throughout the New Jersey/Pennsylva- nia/New York State corridor. Gebroe-Hammer alsomarkets mixed-use and free-standing office and retail properties. Widely recognized for its consistent sales performance, the firm is an 11-time CoStar Power Broker. n
1605 W. Allegheny Ave.
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