News
Competition Keen for Philly Multifamily
August 8, 2012
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| Once upon a time, suburban Philly was a sleepy place in terms of multifamily investment sales—only two or three a year as recently as the early 2000s (and nobody locked their doors and you knew the milkman's name). Cushman & Wakefiled’s Karen Iman says these days, the pace is more than a dozen a year, with would-be investors coming out of the woodwork. Eg, the 120 “expressions of interest” for Village Square Apartments, a 694-unit complex in Bensalem, Pa., which sold recently for $71M in a deal in which C&W repped both sides. Even if only half of those expressions of interest were serious, that’s a lot of buyers. (We're now imagining those other calls to be prank calls about investment sales. "Pardon me, is your LEED certified HVAC running ...?) |
