PHILADELPHIA, April 10, 2024 /PRNewswire/ -- On behalf of The Seller, Agent PHL has formally announced the sale and settlement of 1519 Ridge Avenue in Philadelphia, Pennsylvania. The investment sale was brokered by Ryan McManus, principal of Agent PHL at Compass RE — in collaboration with Sean Kelly of KBC Advisors, who represented the Buyer.

The expertly-crafted property features eighteen (18) stylish apartments atop ground-floor commercial space — home to "Our Town Brewery" — a neighborhood-favorite tap room which just opened. Located in the Francisville submarket just outside of Downtown Philly, residents of this 5-storey, ±27K SF apartment building enjoy easy access to shops, breweries, cafes, grocers, restaurants and multimodal transport options — placing the entire city within reach. The asset is leased and managed by JBMP Group.

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."

Philadelphia now ranks as the eight (8th) largest MSA in the USA. Real estate investment demand is largely driven by Philly's relative affordability as compared to its pricier neighbors to the north (New York, Boston) and south (Washington, D.C., Maryland, Virginia), with comparable lifestyle standards — connectivity, culture, cuisine and convenience in Greater Philadelphia rival the nation's leading metros.

Please direct future sales enquiries to Ryan@AgentPHL.com or visit our website at www.AgentPHL.com.