Agent PHL Brokers ±37,890 SF Development Site in Philadelphia

News provided by

Jan 18, 2024, 09:15 ET

PHILADELPHIA, Jan. 18, 2024 /PRNewswire/ -- On behalf of The Buyer & Seller, Agent PHL has formally announced the sale and settlement of 2507 Almond Street in Philadelphia, Pennsylvania. The Fishtown-area site will provide a brand-new apartment building in a thriving Philly submarket experiencing exponential demand. The sale was brokered in an off-market transaction by Ryan McManus, principal of Agent PHL at Compass RE.

This prime real estate in the Fishtown-area of Philly was sold off-market in a dual-agency transaction by Agent PHL / Compass RE — one of several recent development transactions facilitated by the agency.

Rendering credit: HDO Architecture — This prime real estate in the Fishtown-area of Philly was sold off-market in a dual-agency transaction by Agent PHL / Compass RE — one of several recent development transactions facilitated by the agency. Rendering credit: HDO Architecture

The ±37,890 SF Property went through an extensive entitlements process that spanned over 2.5 years, as the Buyer and Seller worked harmoniously in tandem to achieve the result: a 155-unit new development with 65 parking spaces, including EV parking and ample bike storage. The Building shall feature a green roof atop its 6-storey design once developed. The location—walkable to Fishtown's vibrant Frankford Avenue, Girard Avenue, and Front Street corridors — is home to many of the region's top restaurants and award-winning, chef-driven concepts. The Site is also across from Fishtown Crossing, featuring a robust lineup of shops, eateries, cafes and a full-service grocer. This amenity-rich setting provides a strong anchor that should ensure rapid stabilization upon completion of the development.

Said McManus: "We identified this underused real estate several years ago in our site selection efforts for a top client; and, since then, the neighborhood has continued to evolve into one of the most desirable locations in the Philadelphia marketplace for multifamily housing."

"We applaud both clients for their patience and fortitude throughout this lengthy transaction and have every confidence in our client's ability to deliver another Class-A apartment complex in The City of Philadelphia," he said.

Please direct future 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