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Gebroe-Hammer Associates Announces $16.75 Million Multi-Family Sale in Philadelphia
228-Unit High-Rise Offers Coveted Address and Onsite Amenities
Situated on 5.31 acres in the upscale Chestnut Hill neighborhood, the 18-story luxury building also includes 12 ground-floor retail units. "The multi-family housing industry in Philadelphia has continued to steadily improve, even in the face of the economic downturn. We have experienced growing demand from local owners, as well as investors from outside the region, all of whom recognize the long-term investment potential in apartment buildings city-wide," said Brecher.
Chestnut Hill Tower includes a mix of studio, one-, two- and three-bedroom layouts. Spacious floor plans include panoramic terraces, newly renovated and upgraded kitchens, wall-to-wall carpeting and modern appliances. Some units have washers and dryers. On-site amenities include two pools, two tennis courts, a gym, community rooms, covered and non-covered parking, a 24-hour front desk, upgraded elevators and more.
"This amenity-filled building is located in a safe, attractive neighborhood surrounded by open space, park areas, and one of the region's most beautiful and architecturally distinctive communities. Situated halfway between New York City and Washington, D.C., Philadelphia continues to attract a strong and steady stream of renters," added Rosen, who noted the buyer implemented a renovation project in order to render the asset more competitive. Rents at Chestnut Hill Tower start at approximately $750 for studios and $1,500 for a three-bedroom unit.
Located in Northwest Philadelphia, historic Chestnut Hill is convenient to the Center City area and just minutes from Route 309, I-76 and the Pennsylvania Turnpike. The building is located near the coveted Chestnut Hill shopping district, and within walking distance of numerous retailers and service providers, diverse restaurants, and educational and recreation opportunities. Arts and culture, healthcare and entertainment also are nearby. For commuters, the SEPTA station is just one block away.
Gebroe-Hammer Associates specializes in suburban and urban high-rise, mid-rise and garden-apartment properties throughout New Jersey, New York and Pennsylvania, including Philadelphia. The firm also markets mixed-use and free-standing office and retail properties on behalf of a wide range of long-term clients, including private owners, REITS, private equity firms and other institutional investors. Widely recognized for its consistent sales performance, Gebroe-Hammer is an eight-time CoStar Power Broker.