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Service. Success. Perfected. Spotlight on Mount Airy, Philadelphia | Multifamily August 2016

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Service. Success. Perfected. Spotlight on Mount Airy, Philadelphia | Multifamily August 2016 Service. Success. Perfected. Spotlight on Mount Airy, Philadelphia | Multifamily August 2016 Mount Airy Station Mount Airy, a neighborhood in Northwest Philadelphia, is best known for its The featured properties in this month’s rent survey represent six communities diverse community, historic homes, business district, and scenic trails along the in Mount Airy built between 1927 and 1960. Average occupancy rates for Wissahickon Creek. In 1750, a summer estate was built on Germantown Avenue these communities range from 94% to 100%. Average rental rates per square at Allens Lane by the Chief Justice of the Province of Pennsylvania; the area foot range from $1.18 to $1.78, with average unit sizes ranging from 484 to 949 eventually adopted the name of the mansion, Mount Airy, as its own. The area is square feet. Common area amenities include an on-site laundry facilities, rich with history, as it was the site where troops fought the Battle of Germantown fitness centers, courtyards, swimming pools, and on-site Zipcars. Unit amenities during the American Revolutionary War. Mount Airy is recognized as one of the feature hardwood flooring or wall-to-wall carpeting, ceiling fans, and renovated first successfully integrated neighborhoods in the United States during the Civil kitchens and bathrooms. Residents pay an application fee ranging from $35 to Rights Movement and is also home to the Johnson House Historic Site, one of the $59 and post security deposits from $300 to two month’s rent. Pets are allowed few stops on the Underground Railroad that the public can still visit. in some communities with some breed restrictions; residents pay pet deposits of $100 to $300. Residents are responsible for gas and electric in a majority of Germantown Avenue, a prominent local thoroughfare, unites East Mount Airy the communities and landlords are generally responsible for water, sewer, and and West Mount Airy. The road, which was once where British troops marched trash removal. during the Revolutionary War, has become a commercial corridor with numerous new restaurants, cafés, and retailers. The town hosts the popular ‘Final-ly Friday’ festival on the last Friday of the month, drawing in foodies to come eat, drink, and enjoy some of the area's best restaurants and food trucks. The area is also in close proximity to the Wissahickon Creek as well as its surrounding parkland and has become a destination for hikers, bikers, horseback riders, and runners to explore the 1,600-acre park. Mount Airy is now home to more than 27,000 people and offers residents a suburban atmosphere 20 minutes outside of Center City Philadelphia. Residents have access to two Septa Regional Rail lines: the Chestnut Hill East line which stops at Mount Airy, Sedgewick, Stenton, and Washington Lane in East Mount Airy; and the Chestnut Hill West line which stops at Allen Lane, Carpenter, Upsal, and Tulpehocken in West Mount Airy. Bus routes H, XH, and 23 also serve the area and commuters are just minutes from Interstate 76. Wissahickon Creek © 2016 The Greysteel Company LLC. All rights reserved. Spotlight | Rent Comparables August 2016 SEDGWICK STATION MT. AIRY MANOR 303 E. Mount Pleasant Avenue 323 E. Mount Airy Avenue Philadelphia, PA 19119 Philadelphia, PA 19119 UNIT TYPE SF ASKING RENT UNIT TYPE SF ASKING RENT 1 BDR/1 BA 542 $855 EFF 400 $726 2 BDR/1 BA 644 $1,255 1 BDR/1 BA 800 $893 • Residents pay a $59 application fee and a security 2 BDR/1 BA 850 $1,013 deposit equal to one month’s rent • Residents pay for electric; property pays for gas, • Residents pay for electric; property pays for gas, water, and trash removal water, and trash removal • Common area amenities include on-site laundry • Common area amenities include an on-site laundry facilities and complementary parking facilities, controlled access, and an on-site Zipcar • Unit amenities include renovated kitchens complete • Unit amenities include wall-to-wall carpeting and with granite countertops and new cabinets, ceiling No. Units 92 No. Units 66 renovated kitchens fans, and in select units hardwood floors Occupancy 97% Occupancy 91% Year Built 1960 Year Built 1960 Managed by The Galman Group Managed by Chelsea Management MT. PLEASANT ARMS 265 W. Mount Pleasant Avenue SEDGWICK GARDENS 440 W. Sedgwick Street Philadelphia, PA 19119 Philadelphia, PA 19119 UNIT TYPE SF ASKING RENT UNIT TYPE SF ASKING RENT 1 BDR/1 BA 625 $885 1 BDR/1 BA 620 $985 2 BDR/1 BA 900 $1,205 2 BDR/1 BA 959 $1,230 • Residents pay a $59 application fee and a security • Residents pay a $35 application fee and a $300 deposit equal to one month’s rent security deposit • Residents pay for gas and electric; property pays for • Additional fees include a pet deposit of $300 and water and trash removal pet rent of $25 • Common area amenities include on-site laundry • Residents pay for gas, electric, and water; property facilities, controlled access, and an on-site Zipcar pays for trash removal • Unit amenities include hardwood floors and in select No. Units 50 No. Units 67 • Common area amenities include a fitness center and units updated kitchens with granite countertops on-site laundry facilities Occupancy 94% Occupancy 100% • Unit amenities include original hardwood floors, Year Built 1960 Year Built 1944 new energy efficient windows, and newly remodeled Managed by Galman Group Managed by Lindy Property kitchens with stainless steel appliances Management STENTON PLAZA UPSAL GARDENS 1061 E. Mount Airy Avenue 246 W. Upsal Street Philadelphia, PA 19150 Philadelphia, PA 19119 UNIT TYPE SF ASKING RENT UNIT TYPE SF ASKING RENT 1 BDR/1 BA 650 $973 EFF 642 $825 2 BDR/1 BA 800 $1,093 1 BDR/1 BA 900 $1,050 • Residents pay a $59 application fee and a security 2 BDR/1 BA 1,050 $1,225 deposit equal to one month’s rent 3 BDR/3 BA 1,300 $1,450 • Residents pay for gas and electric; property pays for water and trash removal • Residents pay a $50 application fee and a security • Common area amenities include on-site laundry deposit equal to two month’s rent facilities, a courtyard, and an on-site Zipcar • Additional fees include a pet deposit of $100 for • Unit amenities include wall-to-wall carpeting, cats; $200 for dogs No. Units 55 window treatments, and a dishwasher No. Units 146 • Property pays for all utilities • Common area amenities include on-site laundry Occupancy 95% Occupancy 97% facilities and a swimming pool Year Built 1960 Year Built 1927 • Unit amenities include ceiling fans, a walk-in closet, Managed by Galman Group Managed by Real Properties elevator service, hardwood floors, and ceramic tile bathrooms floors © 2016 The Greysteel Company LLC. All rights reserved. Spotlight | Sales Comparables August 2016 The report below features a sampling of properties sold within the last four months in the Philadelphia Metropolitan Statistical Area (MSA). Please note the different locations and adjust comparisons accordingly. Also note that sales comparables provide a snapshot of recent transactions and are not a perfect predictor of future market movement and behavior. SHIRLEY COURT APARTMENTS SPRING & HAMILTON APARTMENTS 7201 Bradford Road 3836 Spring Garden Street Upper Darby, PA 19082 Philadelphia, PA 19104 Close Date: August 2016 Close Date: July 2016 Units: 154 Units: 39 Year Built: 1932 Year Built: 2013 Price: $8,100,000 Price: $8,739,670 Price/Unit: $52,597 Price/Unit: $224,094 Price/SF: $68.20 Price/SF: $246.87 Seller: Shirley Court Partnership LLC Seller: University Realty LP Buyer: Private Owner Buyer: Prospect Investments, LLC THE NETHERLANDS APARTMENTS CHESTER PLAZA APARTMENTS 4300 Chestnut Street (Part of Portfolio) 4605 Chester Avenue Philadelphia, PA 19104 Philadelphia, PA 19143 Close Date: June 2016 Close Date: June 2016 Units: 63 Units: 77 Year Built: 1907 Year Built: 1925 Price: $5,008,480 Price: $9,691,520 Price/Unit: $79,499 Price/Unit: $125,863 Price/SF: $45.41 Price/SF: $323.48 Seller: Post Brothers Apartments Seller: Post Brothers Apartments Buyer: ZanderCO Management Buyer: ZanderCO Management WESTWOOD APARTMENTS THE LANTERN AT GLEN MILLS 4404 Walnut Street 100 Cornerstone Drive Philadelphia, PA 19104 Glen Mills, PA 19342 Close Date: April 2016 Close Date: April 2016 Units: 34 Units: 280 Year Built: 1925 Year Built: 2003 Price: $4,600,000 Price: $66,100,000 Price/Unit: $135,294 Price/Unit: $236,071 Price/SF: $137.28 Price/SF: $209.94 Seller: Private Owner Seller: CalSTRS Buyer: Private Owner Buyer: TIAA © 2016 The Greysteel Company LLC. All rights reserved. Spotlight | Closed August 2016 LAWNDALE SUITES 623–637 UNRUH AVENUE PHILADELPHIA, PENNSYLVANIA CLOSED CONTACT Investment Sales Debt & Structured Finance Caleb Brown Brendan Scanlon Senior Investment Associate Senior Director [email protected] [email protected] P. 215.437.0721 P. 202.803.5810 INVESTMENT SALES DEBT & STRUCTURED FINANCE TRANSACTION SERVICES Caleb Brown Brendan Scanlon Ari Firoozabadi** Duerk Brewer Yassi Farzaneh Andy Stief Senior Investment Associate Senior Director Co-Founder Managing Director Production Director Marketing Director Brittany Wismer Matt Hutton Pauline Lefebvre Kelsey Brendel Senior Finance Associate Senior Analyst Production Associate Senior Designer **For more information about Greysteel, or to inquire about the corporate platform, please contact Ari Firoozabadi ([email protected] | 202.417.3873). Los Angeles • Washington, D.C.* • Baltimore • Philadelphia • Dallas • Fort Worth CA License No: 01984315 • D.C. License No: LL983371301 • MD License No: 636050 • PA License No: RB068196 • TX License No: 9003023 • VA License No: 0226023703 *Corporate Headquarters and Transaction Services Center © 2016 The Greysteel Company LLC. All rights reserved..
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