Philly Multifamily: The Next DC?
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.)
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.