Agent PHL Brokers 19-Unit Multifamily Sale in Philadelphia for $6,700,000

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Apr 10, 2024, 07:00 ET

PHILADELPHIA, April 10, 2024 /PRNewswire/ -- On behalf of The Seller, Agent PHL has formally announced the sale and settlement of 1519 Ridge Avenue in Philadelphia, Pennsylvania. The investment sale was brokered by Ryan McManus, principal of Agent PHL at Compass RE — in collaboration with Sean Kelly of KBC Advisors, who represented the Buyer.

Agent PHL recently brokered the sale of 1519 Ridge Avenue — a 19-unit multifamily investment property in Philadelphia, Pennsylvania. Photo credit: JBMP Group.

Multifamily Investment & Development Sales | www.agentphl.com

The expertly-crafted property features eighteen (18) stylish apartments atop ground-floor commercial space — home to "Our Town Brewery" — a neighborhood-favorite tap room which just opened. Located in the Francisville submarket just outside of Downtown Philly, residents of this 5-storey, ±27K SF apartment building enjoy easy access to shops, breweries, cafes, grocers, restaurants and multimodal transport options — placing the entire city within reach. The asset is leased and managed by JBMP Group.

Said McManus: "This asset commanded premium pricing, as the Philadelphia investment sales market regains momentum in Q224 after a prolonged 22-month lull; this is just one of several assets in the submarket that we're actively engaged on — further signaling that the market rebound is on — especially in Francisville (and similar neighborhoods) where robust rental demand exists." He said, "We're extremely grateful that our client remained resilient throughout the sales process, particularly in the face of market headwinds — and the perseverance paid off, resulting in a trade that will reset the market."

Philadelphia now ranks as the eight (8^th) largest MSA in the USA. Real estate investment demand is largely driven by Philly's relative affordability as compared to its pricier neighbors to the north (New York, Boston) and south (Washington, D.C., Maryland, Virginia), with comparable lifestyle standards — connectivity, culture, cuisine and convenience in Greater Philadelphia rival the nation's leading metros.

Please direct future investment and development sales enquiries to [email protected] or visit our website at www.AgentPHL.com.

About Agent PHL / Compass RE:

Agent PHL was founded in 2016 by Ryan McManus as a full-service hybrid real estate sales firm focused primarily on land development, multifamily investment, and residential new construction listings. The firm has enough talent, tools and resources to compete with blue chip national real estate firms yet remains boutique and nimble enough to service the most distinct, exclusive listings with a neighborhood-based approach to sales. Agent PHL has the local expertise, reputation, and connections to be considered the go-to sales agency in Philadelphia. Backed by the power of Compass RE and its national network of top-producing agents and technology, Agent PHL services an interoffice pipeline of referrals and out-of-region enquiries on behalf of brokers, investors, and developers.

SOURCE Agent PHL