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Old Posted Dec 22, 2015, 5:16 PM
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summersm343 summersm343 is offline
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Join Date: Oct 2011
Location: Philadelphia
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Apartment market looks strong

Quote:
In Philadelphia, construction, renovation, and acquisition of multifamily rental units continues.

Eli Rosen, senior vice president of Gebroe-Hammer Associates, recently was involved in arranging more than $60 million in sales encompassing more than 350 units throughout the city's central and western neighborhoods.

These included Garden Court Plaza, a 146-unit, 13-story 1920s-era building at 47th and Pine Streets, and Roosevelt Apartments at 2216-2222 Walnut St.

In 2015 thus far, Rosen and managing director Joseph Brecher brokered sales totaling $128 million and 1,250 units.

"Investor appetite has been insatiable, and the tenant base of young professionals continues to absorb new product metro-wide at a historic pace," Rosen said.

Investor activity "ignites in a dependable Philadelphia market" is how real estate investment services firm Marcus & Millichap put it.

What makes this market so dependable?

"Healthy economic indicators are driving growth in the Philadelphia economy," said Marcus & Millichap's fourth-quarter outlook.

The local unemployment rate has reached its lowest level since the recession, the firm's report said, pushed down by corporate expansion. The Philadelphia workforce will grow 1.2 percent in 2015, or by 35,000 new positions, it added.

Last year, this region added 45,400 jobs to the market, led by gains in the education and health-services sector, Marcus & Millichap noted, and the growth encouraged developers to accelerate the pace of construction, with builders concentrating on the high-rent Center City market.

On the drawing board at the Camden waterfront is developer Liberty Property Trust's multiuse project, which will include office, retail, and hospitality space as well as more than 200 residential units. Construction is scheduled to begin in the fall of 2016, with completion tentatively scheduled for 2019.
Read more at http://www.philly.com/philly/busines...4WZ6v4WeeVb.99