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Mount Penn Manor in Reading, Pennsylvania
Investment SalesNewsNortheastPennsylvania

Morgan Properties Acquires Portfolio of 11 Communities in Pennsylvania

by Channing Hamilton

KING OF PRUSSIA, PA. — Morgan Properties, a development and investment firm based in the Philadelphia suburb of King of Prussia, has acquired a portfolio comprising 3,434 units across 11 properties in Pennsylvania. Morgan purchased the communities from their original developer, DePaul Management Co. The sales price was not disclosed. Matt Stefanski and Zachary Pierce of Berkadia brokered the transaction. The portfolio consists of: The buyer plans to invest more than $80 million in capital improvements to the portfolio. Units throughout the portfolio will be renovated with updates to the …

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Broad + Noble in Philadelphia
DevelopmentLeasing & MarketingNewsNortheastPennsylvania

Toll Brothers Apartment Living Opens $112 Million Broad + Noble in Philadelphia

by Channing Hamilton

PHILADELPHIA — Toll Brothers Apartment Living has opened Broad + Noble, a $112 million high-rise development in Philadelphia’s Callowhill neighborhood. Broad + Noble comprises 326,000 square feet across 19 stories. The residential tower offers 344 units. According to the property website, units come in studio, one- and two-bedroom floor plans. Community amenities include a resident lounge, fitness center, two coffee bars, co-working studio, gaming lounge with billiards, media room, sky lounge, rooftop deck, pet spa, bike storage, package concierge system and community-wide Wi-Fi. The property also includes office and retail …

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Investment SalesNewsNortheastPennsylvania

Hudson Atlantic Brokers $6 Million Sale of Garrett House Apartments Near Philadelphia

by Channing Hamilton

DREXEL HILL, PA. — Matawan, New Jersey-based regional brokerage firm Hudson Atlantic has arranged the sale of Garrett House Apartments in the Philadelphia suburb of Drexel Hill. The property was built in 1960 and comprises 57 units. Apartments come in one-bedroom layouts. The original owner of the asset sold the buyer to $6 million. Neither party’s identity was disclosed. The asset traded hands for $6 million. Adam Zweibel led the Hudson Atlantic team that brokered the deal.

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Garrett House Apartments in Drexel Hill, Pennsylvania
Investment SalesNewsNortheastPennsylvania

Hudson Atlantic Arranges Sale of Garrett House Apartments in Drexel Hill, Pennsylvania

by Channing Hamilton

DREXEL HILL, PENN. — Hudson Atlantic has arranged the sale of Garrett House Apartments, a 57-unit community in the Philadelphia suburb of Drexel Hill. The property traded hands for $6 million at a 5.8 percent cap rate. Adam Zweibel of Hudson Atlantic negotiated the deal. Garrett House Apartments was built in 1960. According to Apartments.com, the community features an on-site laundry room and off-street parking.

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Annual Absorption and Deliveries in Philadelphia Apartment Market (2016-2023)
DevelopmentFinanceInvestment SalesMarket ReportsNortheastPennsylvania

A Tale of Two Multifamily Markets in Philadelphia

by Channing Hamilton

Metro Philadelphia has commonly been characterized as stable by multifamily investors. It’s akin to a backhanded compliment when comparing our region to those with higher population growth or more “business-friendly” governments. Cue the overused “eds and meds” story that fails to reference the technology, life sciences or gene therapy industries, all of which help to diversify the region’s employment base and contribute to a strong economy. (The “eds,” of course, are institutions of higher learning and the “meds” are medical facilities.)  Historically, investors also haven’t differentiated between suburban Philadelphia, namely …

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FinanceNewsNortheastPennsylvania

Greystone Provides $20.2 Million Refinancing for Ray Philly in Philadelphia

by Channing Hamilton

PHILADELPHIA — Greystone has provided a $20.2 million Freddie Mac Optigo loan to refinance a construction loan for Ray Philly, a 110-unit property located on North American Street in Philadelphia. The financing carries a five-year term at a fixed rate, with a 30-year amortization. Steven Vainer of Greystone originated the financing. Ray Philly was built in 2023 by developers Six Acre Capital and Ray. Units come in studio, one-, and two-bedroom floor plans. Amenities include a fitness center, rooftop garden, living room and co-working lounge with a kitchen. The property …

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DevelopmentNewsNortheastPennsylvania

Milhaus, BAM Capital to Develop 272-Unit Nox Living in Pittsburgh Suburb

by Channing Hamilton

ROBINSON TOWNSHIP, PA. — A partnership consisting of developer Milhaus and investment firm BAM Capital will develop Nox Living, a 272-unit community in the western Pittsburgh suburb of Robinson Township. The property will offer studio, one-, two- and three-bedroom apartments. Amenities include a pool, fitness center, coworking space, resident lounge and outdoor grilling and dining stations. The development team expects to break ground on the community by July, with the first units slated to deliver by late 2025. 

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An apartment community in Glen Mills, Pennsylvania
GeorgiaInvestment SalesMidwestMissouriNewsNorth CarolinaNortheastPennsylvaniaSoutheast

Equus Capital Partners Acquires Six-Property, Multi-State Portfolio for $220 Million

by Channing Hamilton

PHILADELPHIA, ATLANTA, RALEIGH AND ST. LOUIS — Equus Capital Partners (Equus) has acquired Project Big Timber, a portfolio that totals 1,249 units across six garden-style communities in the Atlanta, Philadelphia, Raleigh and St. Louis metropolitan areas. Equus purchased the portfolio for $220 million. Newmark’s Debt Capital Markets team of Steve Comly and Kippy Donovan assisted Equus in securing a ten-year fixed rate loan from Fannie Mae for the acquisition. The communities included in Project Big Timber have an average vintage of 1984 and an average unit size of 989 square-feet. …

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Cambridge Square Apartments in Monroeville, Pennsylvania
Affordable HousingFinanceNewsNortheastPennsylvania

KeyBank Provides $90.7 Million for Affordable Cambridge Square Apartments Near Pittsburgh

by Channing Hamilton

MONROEVILLE, PA. — KeyBank has provided $90.7 million in financing for the acquisition and rehabilitation of Cambridge Square Apartments, an affordable housing complex in the Pittsburgh suburb of Monroeville. The financing consists of a $35 million construction loan, an $18 million Fannie Mae permanent loan, $15.7 million in Low-Income Housing Tax Credit (LIHTC) equity and $22 million in tax-exempt bonds that were sold by KeyBanc Capital Markets. Anna Belanger and Jonathan Wittkopf of KeyBank structured the tax credit equity and debt financing. Robbie Lynn of KeyBank structured the tax-exempt bonds, …

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A 466-Unit Project from Saxum Real Estate in Philadelphia
DevelopmentFinanceNewsNortheastPennsylvania

JLL Arranges $55.7 Million in Construction Financing for Second Phase of 466-Unit Project in Philadelphia

by Channing Hamilton

PHILADELPHIA — JLL Capital Markets has arranged $55.7 million in construction financing for a seven-story development located in the Northern Liberties neighborhood of Philadelphia. The project is the second phase of a two-phased development that will total 466 units. The first phase is currently under construction, with completion slated for September 2024. The second phase of the project will comprise 187 studio, one-, two- and three-bedroom units, as well as 7,803 square feet of ground floor retail and a 45,000-square-foot amenity package. Amenities will include a pool, courtyard deck overlooking …

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