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It's the making of a record-breaking year for Philly's multifamily market. In terms of sales, that is.
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JLL SVP of capital markets Christine Espenshade tells us that we'll likely surpass $400M in apartment sales by the end of this year. That's a huge amount of activity, especially given only $130M in multifamily product sold in metro Philly last year. This three-fold increase in sales is built on a solid foundation as well: “We're not seeing overbuilding,” Christine says. She's one of our panelists for our Philadelphia Multifamily Summit in six days at the Hyatt at Bellevue (few remaining tickets can be purchased here). “It's not likely a bubble when you can buy deals with low long-term debt,” Christine says. “Because of good demographic trends—the large number of students leaving college, people waiting longer to buy homes, and many people desiring the flexibility of renting—the multifamily sector is deemed a pretty safe real estate bet right now.”
Related Topics: Christine Espenshade