Outsiders Hot For Multifamily
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|Demand is up, new supply is anemic : that’s all it takes to get investors itching to break into a market. For Philadelphia-area apartments, demand has driven vacancies down toward 3%, but only 1,000 or so units will be built this year, adding a mere 0.5% to the total stock, according to investment specialist Marcus & Millichap. (That means a lot of people are going to be sleeping on your couch.)|
|Gebroe-Hammer Associates EVP Joseph Brecher, a local investment specialist, tells us that the demand is spurred by both local owners—who know the market in detail—and investors from elsewhere who want a piece of the action. Recently, an unspecified out-of-state investor ponied up $16.7M for the 228-unit Chestnut Hill Tower at 7600 Stenton Ave in a deal brokered by Gebroe-Hammer. Potential investors, Joseph adds, recognize the long-term investment potential in apartment buildings citywide.|