PHILADELPHIA, Aug. 19, 2021 /PRNewswire/ — On behalf of Ownership, Agent PHL / Compass Commercial have formally announced the sale and settlement of 1000 Macdade Boulevard (aka Ventura Apartments) in Delaware County, just outside of Philadelphia, Pennsylvania next to Widener University. The 41,000 SF value-add apartment complex is optimally located just 6 miles South of Philadelphia International Airport and 13 miles South of Amtrak’s 30th Street Station in Downtown Philadelphia. The asset drew the attention of multiple regional investors in an exclusive off-market transaction arranged by Carson Merine of Agent PHL / Compass Commercial.
Said exclusive listing agent Carson Merine: «This value-add multifamily building proved to be one of the most desirable assets to trade in Delaware County to-date…This 48-unit apartment complex maintained a history of extremely low vacancy and high rental demand, with a unit mixture of 1 studio apartment, 23 1-bedroom apartments and 24 2-bedroom apartments; plus amenities such as 30+ parking spaces, laundry facilities on each floor and private outdoor balconies for many of the units.»
«With competitive rental rates plus the ability to add value as turnovers arise, substantial rental upside exists for the next Owner…After receiving multiple offers during a competitive bidding process, the Seller ultimately chose a Buyer whom he felt would be a good steward for the building’s valued residents and the community,» said Merine.
The Property traded for $126 per square foot – a premium of over 25% since its last trade in 2017. Ryan McManus, Principal of Agent PHL / Compass Commercial noted that «This submarket and overall marketplace for multifamily apartment buildings throughout Greater Philadelphia continue to surge as investors chase yield not found in pricier East Coast property markets like Boston, New York and Washington, D.C. Furthermore, this sale is just one in an escalating succession of future closing announcements for our firm that we shall announce by year end 2021, including Qualified Opportunity Zone (QOZ) development sites, new construction multifamily apartment building sales, and exclusive new development assignments with ties to out-of-town investors in Philadelphia, as the nation increasingly appreciates Philadelphia and its surrounding counties for its connectivity, authenticity, higher learning and healthcare institutions, general affordability and other world-class quality of life attributes.»
About Agent PHL / Compass Commercial
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. With 8 agents and staff, 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. Agent PHL has the local expertise, reputation and connections to be considered the go-to sales team in Philadelphia. Backed now by the power of Compass Commercial 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.
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SOURCE Agent PHL