Appetite for Apartments Strong into '16. Here's Why.
Gebroe-Hammer Associates SVP Eli Rosen says the investment market for Philadelphia multifamily is ending 2015 with a bang—and there's more momentum to look forward to.
Investor appetite has been insatiable, and the tenant base of young professionals continues to absorb new product metrowide at a historic pace, Eli says. While University City and Center City are among the city’s hottest, surrounding urban and suburban submarkets are attracting significant attention as well.
Eli recently repped Post Brothers in its acquisition of Garden Court Plaza, a 146-unit 1920s-era apartment building at the corner of 47th and Pine streets. The property is undergoing extensive renovations and repositioning to cater to citywide demand for upscale apartment homes, Eli notes.
Districts like University and Center City are seeing tremendous investment and development interest as post-graduates "contribute to defining the ‘vibe’ or character of these districts where the arts, eclectic dining and historic architecture are attracting renters en masse,” Eli adds.