Agent PHL Brokers Sale of 20-Unit New Construction Multifamily Property in Philadelphia for $5,630,000 - WIRE.RealEstate

Agent PHL Brokers Sale of 20-Unit New Construction Multifamily Property in Philadelphia for $5,630,000

Jan 25, 2022 1:05 PM ET

 On behalf of The Buyer, Agent PHL / Compass Commercial has formally announced the sale and settlement of 2636 Belgrade Street in Philadelphia, Pennsylvania. The brand new apartment building represents one of the finest new assets in the wildly contested Fishtown/Kensington submarket, where investment demand is at an all-time high. The off-market transaction was  facilitated by Ryan McManus, Principal of Agent PHL / Compass Commercial.

Said McManus: “Our client was referred to us through the Compass New York office based on our strong relationships at our company headquarters. And, in under one month of engagement, we were able to get The Client under agreement on this prized off-market acquisition through our distinct, market-leading connections within the Philadelphia development community.”

The Property features an ideal unit mixture of 1-bedroom, 2-bedroom and 3-bedroom apartments with over 17,000 SF of rentable space, plus amenities like a dog run and a dramatic common rooftop terrace with unparalleled views of the Philadelphia skyline and bridges into New Jersey. Additionally, the best-in-class new construction apartment building contains 1:1 covered secure parking which is an extreme rarity for a building of this size in this location, as private parking is one of the most valued urban conveniences in the submarket.

McManus described the momentous investment activity in the Philadelphia marketplace, particularly in the Fishtown/Kensington area: “Every listing we introduce to market in Fishtown commands multiple offers and price increases – a true indicator of competitive market conditions and escalating demand from investors in the area. Our Developer clientele cannot build fast enough to keep pace with the surging demand in what has become one of, if not the most appealing areas on the East Coast for real estate investment.

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