PHILADELPHIA CREAM, February 4, 2022 /PRNewswire/ — Newmark1 announces that it has finalized the sale of 1500 Locust, a 45-story mixed-use multi-family apartment building located in the famous Rittenhouse Square submarket of Philadelphia city center. The 612-unit property sold for $233 million – the largest sale of a single asset in the history of Philadelphia multi-family market.
Newmark Executive Managing Directors Lizann McGowan and Erin Miller represented the seller, Barings, who was trading the asset on behalf of an institutional client. The asset was the Fairstead buyer’s first acquisition in philadelphia cream. Transaction Manager Marybeth Farris and financial analyst Chris Koehler provided support on the transaction.
“1500 Locust has provided a generational investment opportunity to acquire a historic mixed-use asset in one of the nation’s most prestigious and sought-after submarkets,” McGowan said.
Miller added, “Having been under institutional ownership for over three decades, the property has been meticulously maintained to combine the latest in modern living with the exceptional construction of the original design.”
Totaling 828,679 gross square feet, 1500 Locust features 612 multi-family units, 7,770 square feet of street-level retail and a 398-space parking garage. The asset includes a mix of bachelor, one, two and three bedroom units averaging 852 square feet. The property’s amenities encompass the entire 45th floor, offering panoramic views of Downtown. Amenities include a residents’ lounge with catering kitchen, state-of-the-art fitness center, 10-seat movie theater, heated rooftop pool with retractable windows, and expansive rooftop terrace with private cabanas and barbecue areas. The street-level retail is occupied by two full-service restaurants, Blume and Fado Irish Pub, providing residents with convenient dining options.
1500 Locust is strategically located at the confluence of three important downtown areas – Rittenhouse Square, Avenue of the Arts and the West Market Street office corridor. The property is located at the southwest corner of 15th and Locust streets, four blocks from Rittenhouse Square Park, the most coveted residential address in the City of Philadelphia; one block south of Rittenhouse Row, the city’s main street shopping and dining corridor; and four blocks south of the West Market Street office corridor. Also, 1500 Locust is one block from Philadelphia famous “Avenue of the Arts”, home to the historic Academy of Music, the Kimmel Center for the Performing Arts, the Merriam Theatre, the Wilma Theater and the Suzanne Roberts Theatre.
According to Newmark Research, the volume of sales of multifamily properties in the United States totaled $78.7 billion during the third quarter of 2021, the highest quarterly turnover on record as investor appetite for multifamily properties continues to increase. Third quarter volume represented a 31.4% increase over the prior quarter and a 192.1% year-over-year increase. For the 12 months ending the third quarter of 2021, the largest philadelphia cream totalized area $2.2 billion in volume of multi-family sales.
1 Dba Newmark Real Estate in Pennsylvania
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a global leader in commercial real estate, seamlessly powering every phase of the property lifecycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue chip enterprises. Combining the platform’s global reach with market intelligence in established and emerging real estate markets, Newmark delivers superior service to clients across all industries. Newmark generated revenues in excess of $2.5 billion for the last twelve months ending September 30, 2021. Newmark company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals worldwide. To learn more, visit nmrk.com or follow @newmark.
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