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."

Said McManus: "We procured multiple offers during our listing term on this assignment, before even hitting the market — which is symbolic of the market's recovery and the persistent demand for multifamily investment properties in well-located Philadelphia neighborhoods." He said, "This trade, and others soon to be announced, will spark the market reset in terms of pricing, as buyer and seller expectations on commercial real estate values realign in Q224."

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."

"Our client took an underused industrial site and secured entitlements to build a much more deserving product for the Port Richmond neighborhood; and now, thirty (30) new homes will supply the market— which has been drastically underserved in recent years— as inventory has remained at critically low levels amidst soaring demand."

“Our client took an underused industrial site and secured entitlements to build a much more deserving product for the Port Richmond neighborhood; and now, thirty (30) new homes will supply the market— which has been drastically underserved in recent years— as inventory has remained at critically low levels amidst soaring demand."

McManus said: "This site commanded multiple offers once it hit the market but ultimately, Our Client's track record, substantial neighborhood holdings and healthy reputation — coupled with strong terms, efficient due diligence and a mobilized pre-development effort — prevailed." He also said, "As a Qualified Opportunity Zone parcel, the site contributed additional benefits for Our Client; and, from a brokerage standpoint, we continue to witness a 'flight to quality' in the second half of 2022, as top submarkets throughout Greater Philadelphia are aggressively being pursued while fringe areas stagnate."

McManus said: "This asset commanded multiple offers before and during our formal listing process and we're pleased to once again deliver first-class results for our valued client, Argo Property Group."

The new construction apartment community built and sold by The Riverwards Group is located in the surging Fishtown/Kensington submarket, where investment demand is accelerating with activity from regional investors chasing yield and quality not found in other pricier East Coast metros like New York, Boston and Washington, D.C.

McManus described the momentous investment activity in the Philadelphia marketplace, particularly in the Fishtown/Kensington area: "Every listing we introduce to market in Fishtown commands multiple offers and price increases – a true indicator of competitive market conditions and escalating demand from investors in the area. Our Developer clientele cannot build fast enough to keep pace with the surging demand in what has become one of, if not the most appealing areas on the East Coast for real estate investment.

Said McManus: "After vetting several worthy offers, Our Client (The Seller) exercised extreme patience before deciding ultimately to accept an offer from a qualified developer. Our industry-leading tools and technology as Philadelphia's premier hybrid listings firm enabled us to maximize the sales price for The Seller by detailing the best-and-highest use of The Property: a 67-unit apartment building with just under 3,000 SF of ground floor commercial space plus 12 underground parking spaces in an 11-story, 57,000+ SF apartment tower anchoring the Center City and North Broad Districts."

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."