Philadelphia, Pa., June 22, 2023 – Scope Commercial Real Estate Services, LLC (“SCOPE”), a leading middle-market multifamily investment sales firm has announced the sale of a 36-unit, seven-building multifamily portfolio located in the Mantua neighborhood of Philadelphia, PA. The entirety of the portfolio sold for $6,750,000, equating to $187,500 per unit.
Saam Tashayyod, vice president at SCOPE, had the exclusive listing to market the property on behalf of the seller, Haverford Square Properties. Fahd Malik, director at SCOPE procured the buyer, 2X2 Capital. Edward Brown, Senior Director with SCOPE Capital Group, secured the acquisition financing. The loan was structured with a five-year fixed rate of 5.93 percent.
“The buyer recently exited a San Francisco-based tech company and has migrated capital in various vehicles throughout the East Coast,” adds Malik.
"We successfully sourced and locked-in competitive fixed-rate financing for the Buyer through one of our regional bank relationships,” adds Brown. “The structure, term, and limited recourse met the clients baseline investment objectives.”
Located in the Mantua neighborhood along the 3900 block of Haverford Avenue, the portfolio consists of 3918, 3920, 3922, 3924, 3926, 3928, and 3930 Haverford Avenue. The 36 units are comprised of studios, two- and three-bedroom units with modern finishes, full-size washer and dryers, and stainless-steel appliances. The buildings were constructed in different phases and qualify for tax abatements based on their year of completion.
“The influx of life sciences and office development, including Schuylkill Yards, coupled with the proximity to Drexel University will provide new ownership with strong rental market demand,” adds Tashayyod.
Bordering University City, which is home to renown educational and medical institutions, as well as a number of institutional mixed-use office and residential developments, the rental market commands one of the highest rents per square foot within the city of Philadelphia.
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ABOUT SCOPE
SCOPE is the Philadelphia region's preeminent commercial real estate services firm. Privately held, SCOPE offers middle-market investment sales, debt & structured finance, and asset advisory services in the multifamily, mixed-use, and development asset classes. SCOPE empowers its agents through collaboration and technology. In effect, our clients benefit from the most current market intelligence available. This market intelligence coupled with decades of deal making experience ensures maximum return on investment.
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