Philly is Hot for Multifamily Units

Posted on Dec 21 2015 - 5:57pm by Brandon De Hoyos

dd05effb76800125147b1b4b86956f0c(PHILADELPHIA, PA)— In the City of Brotherly Love, multifamily rentals are surging without an end in sight.

With its lowest unemployment levels since the recession and an increase in apartment construction, Philadelphia is a hot market for multifamily, reports Philly.com.

Acquisition activities alone are strong indicators the trend will continue well into 2016.

Gebrow-Hammer Associates senior VP Eli Rosen recently spent time arranging the $60 million sale of more than 350 units in Philadelphia’s central and western communities, including Garden Court Plaza at 47th and Pine Streets, and Roosevelt Apartments on Walnut Street.

The sales are only part of Rosen’s brokered sales of $128 million and 1,250 units this year, Philly.com says.

Marcus & Muillichap’s 4Q outlook shows new jobs and corporate expansion in the city added 35,000 new positions in the last year, and where jobs are the people will follow. Meantime, workers will need places to live.

Construction of multifamily dwellings have also soared in Philly, with 2,560 new units added in 2015.