PHILADELPHIA, PA—Gebroe-Hammer Associates has had a good year so far in Philadelphia, with sales totaling $128 million and 1,250 units, and the market continues to be white-hot, the firm's market specialists say.
Philadelphia's transaction pace is accelerating in University City and Center City, according to Eli Rosen, senior vice president of Gebroe-Hammer. The urban market specialist recently was involved in arranging more than $60 million in sales encompassing over 350 units throughout the city's central and western neighborhoods.
Rosen represented Post Brothers, one of Philadelphia's most active multi-family property owners and developers seeking to expand their citywide portfolio. These trades included Garden Court Plaza, a 146-unit, 13-story 1920s-era apartment building located at the corner of 47th and Pine Street, and Roosevelt Apartments, a two-building complex just off Rittenhouse Square at 2216-2222 Walnut St., in Center City. As previously reported by GlobeSt.com, Post Brothers says it will invest $250 million in University City. Both properties are undergoing extensive renovations and repositioning to cater to citywide demand for upscale apartment-homes with superior amenities.
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