Philadelphia, PA Greysteel, a national commercial real estate investment services firm, announced the completion of a multifamily property sale in the vibrant Brewerytown neighborhood of Philadelphia. Acting as representative for the seller, Mazzarini Real Estate, Greysteel facilitated the transaction with a local buyer.
The property, which was sold at $8,315,000, reflects a 4.7% capitalization rate on the trailing twelve months of operations. This sale showcases Greysteel’s adeptness in navigating complex real estate markets to deliver value to its clients.
The new property owners have planned a value-added strategy to improve the property. This business plan signifies a commitment to enhancing the community by providing high-quality, competitively priced housing options while further expanding the Brewerytown neighborhood.
Brewerytown is a dynamic and growing neighborhood that offers residents a rich cultural and social scene, with easy access to a variety of local amenities and employment hubs.
In other Greysteel news, Greysteel announced that it has arranged the $37 million construction financing and the $14 million preferred equity placement for the development of Evolve Palm Coast, a 256-unit, garden-style market-rate multi-family community located in Palm Coast, Florida.
Greysteel worked on behalf of the Sponsor, Wilmington, North Carolina-based Evolve Companies, to secure a three-year, floating-rate loan through a regional bank. Greysteel also sourced the preferred equity from an institutional real estate investment fund. With an expected completion of fall 2025, Evolve Palm Coast will include 256 units featuring one-, two-, and three-bedroom apartments in 12 three-story garden-style buildings. The exterior architecture will combine masonry and fiber cement. Interiors include modern design elements like quartz countertops, stainless steel appliances, and walk-in showers. The property will have 96 first-level garages and ample surface parking. Beyond residences, this community will also feature a thoughtfully designed clubhouse and diverse amenities, including a saltwater pool, gas grills, fitness center, yoga room, dog park, and playground.
Positioned just south of Palm Coast Parkway, a key thoroughfare connecting US 1, I-95, and A1A, the site is within a 10-minute drive to major retailers and 14 miles from Flagler Beach, offering access to a diverse range of amenities and the potential for future growth.
Prominent employers like Advent Health, Flagler Heath+, and UNF, all within 10-15 minutes of the site, contribute to Palm Coast’s thriving job market. Advent Health is constructing a $145 million medical complex, UNF is developing Med Nexus for skilled medical professionals, and Boston Whaler’s new 225,000 s/f facility, operational since 2021, is generating over 400 jobs. This med-tech ecosystem positions Palm Coast as an innovative hub, fostering highincome opportunities in the medical and manufacturing sectors.
Director Jeremy Slocumb and senior associate Chris Wilkins led the Greysteel team.
“Evolve Companies is a first-class organization, and we’re thrilled to be a part of their entrance into Florida. It was a competitive marketing process to secure the preferred equity partner. Strong deals in dynamic locations will reap the benefits of a more fluid capital markets environment in 2024,” said Slocumb.