Sales of multi-family apartment properties in Philadelphia’s western suburbs have been strong this year, which could potentially be one for the record books, writes Natalie Kostelni for the Philadelphia Business Journal.
Multi-family apartment properties have sold in Conshohocken, West Norriton, Phoenixville, Exton, and King of Prussia.
“We have already sold as much this year as we did in all of 2018,” said Mark Thomson of HFF. “Everything is trading. Big, little, old, new, (Classes) A, B, and C.”
The suburban multi-family market has fared well in spite of the increase in new apartment construction. Rents in Delaware and Chester counties jumped by a combined 3.2 percent, and Montgomery County saw rents rise by 3.5 percent, according to Delta Associates’ second-quarter report.
The vacancy rate has ticked up but remains healthy at 4.1 percent in June 2019, from 2.5 percent a year ago, according to Delta.
The torrid pace of apartment sales is expected to continue for the remainder of the year.
Read more about apartment sales in the western suburbs in the Philadelphia Business Journal here.