PHILADELPHIA, Jan. 18, 2024 /PRNewswire/ -- On behalf of The Buyer & Seller, Agent PHL has formally announced the sale and settlement of 2507 Almond Street in Philadelphia, Pennsylvania. The Fishtown-area site will provide a brand-new apartment building in a thriving Philly submarket experiencing exponential demand. The sale was brokered in an off-market transaction by Ryan McManus, principal of Agent PHL at Compass RE.

The ±37,890 SF Property went through an extensive entitlements process that spanned over 2.5 years, as the Buyer and Seller worked harmoniously in tandem to achieve the result: a 155-unit new development with 65 parking spaces, including EV parking and ample bike storage. The Building shall feature a green roof atop its 6-storey design once developed. The location—walkable to Fishtown's vibrant Frankford Avenue, Girard Avenue, and Front Street corridors — is home to many of the region's top restaurants and award-winning, chef-driven concepts. The Site is also across from Fishtown Crossing, featuring a robust lineup of shops, eateries, cafes and a full-service grocer. This amenity-rich setting provides a strong anchor that should ensure rapid stabilization upon completion of the development.

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."

"We applaud both clients for their patience and fortitude throughout this lengthy transaction and have every confidence in our client's ability to deliver another Class-A apartment complex in The City of Philadelphia," he said.

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