Agent PHL has sold two apartment buildings as it gears up for what it predicts will be a market reset that resumes buyer interest this year, the firm announced this week.
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The firm sold off buildings at 1519 Ridge Ave. and 1710 Cambridge St. for $6.7M.
The 18-unit, 27K SF Ridge Avenue development hosts luxury units and a brewery. Broker Ryan McManus secured the deal with Sean Kelly of KBC Advisors, who represented the unnamed buyer.
McManus also brokered the sale of the eight-unit, 10K SF Cambridge Street building. The upscale build has an assumable 3.7% agency debt with five years of tax abatement remaining since it was purchased by the group in 2019, prior to the program’s reconfiguration.
“We procured multiple offers during our listing term on this assignment, before even hitting the market — which is symbolic of the market's recovery and the persistent demand for multifamily investment properties in well-located Philadelphia neighborhoods,” McManus said in a release.
“This trade, and others soon to be announced, will spark the market reset in terms of pricing, as buyer and seller expectations on commercial real estate values realign” in the second quarter, he added.
DEVELOPMENT
A Wisconsin-based drug research startup has opened a facility in University City, the company announced this week.
Nimble Therapeutics announced the introduction of its second-ever research and development facility at B+Labs, a life sciences office and lab incubator space at Cira Centre and 30th Street Station. The firm focuses on a novel way to deliver peptide therapeutics by mouth.
The firm also named Munir Mosaheb as its head of biology.
THIS AND THAT
LCOR has begun pre-leasing its new 267-unit apartment development in Society Hill.
The firm didn't disclose how many units have been reserved so far at The Ryland, a 31-story luxury apartment building where monthly rent begins at $2K.
The building comprises 154 one-bedroom units, 44 studios, 44 two-bedroom apartments and 25 penthouses with private outdoor spaces. Amenities include a fitness center and yoga studio, a piano lounge, a private coworking space, a chef’s kitchen and a children’s playroom.
