We've been talking a lot about the supply wave in the northern riverwards submarkets of Philly, but how about these big bets to the south!?
Post Brothers is well on their way to delivering a massive 2-phase project that will transform Broad and Washington Street with over 1,000 units and sizeable retail. For a very long time, Alterra Property Group's Lincoln Square stood on an island with extremely little apartment stock anywhere in the vicinity. Now OCF Realty has announced their intent for a transformative 1,000 unit + retail project at 16th and Washington, the site of a former derelict market.
Why do I believe in Washington Ave as much as I do the northern submarkets? THIS WAS MY HOME! I purchased my house 2 blocks from here at 17th and Manton Street, I believed in this area enough to buy here myself!
I would go everyday to the Dunkin Donuts just across the street from this OCF site. I walked up the block often to Chick's which became my favorite restaurant in the entire city. On my direct block in Point Breeze we had Sardine Bar, an awesome little beer garden that feels like it was implanted from Fishtown. I grocery shopped at Target in Lincoln Square and Sprouts next door. I hopped on the Broad St Line subway to get around easily, or just enjoyed the 15 min walk into Center City.
Grad Hospital / Point Breeze have great neighborhood fundamentals - walkability to greater Center City, access to the broad street subway line or several bus routes, quick access to the major highways by scooting quickly down Washington Ave to Delaware Ave, restaurants are popping up, new housing stock is booming on every block.
These southern neighborhoods have been underserved with apartment stock. Can't wait to see how they continue to develop, especially with a huge thrust forward by these metamorphic projects.
Just wish i didn't sell my house to realize the appreciation ripples.....
#phillyrealestate #philadelphiarealestate #multifamily #multifamilyinvesting #multifamilyrealestate #cre #commercialrealestate #investmentsales #cushwake
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2 个月Congratulations Russel! ????