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Philly Multifamily: The Next DC?

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The Philadelphia multifamily market’s looking a lot like DC/Baltimore these days, Transwestern Mid-Atlantic Multifamily Group VP Justin Shay tells us, attracting more institutional investor interest than ever before. That’s why the company is expanding into the market to rep sellers. “We’re seeing a lot of the same fundamentals driving the apartment market in the Philadelphia area that we’ve experienced in Washington/Baltimore over the past few years,” Justin tells us. (Snapped: the group's Robin Williams, Katie Rubino, Justin and Dean Sigmon, volunteering recently for Habitat for Humanity.)

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Similar demographic shifts are driving an influx of young renters into urban locations, which is driving rents and a surge in new construction. “Philly’s attracting many of the same investors that we’ve dealt with for years in the Washington region,” Justin says. The group’s other markets are Richmond/Hampton Roads, Northern Virginia, Washington, DC, Maryland and Delaware. Justin, along with co-directors Dean and Robin, are leading the group’s expansion into Philly.