CBRE announced today that it has arranged the sale of a 30-unit apartment complex located at 1623 W. Venango Street in the Nicetown–Tioga neighborhood of Philadelphia. Twin Lakes Realty acquired the multifamily asset for $6,050,000.

The CBRE greater Philadelphia multifamily capital markets team comprised of Samantha Kupersmith, Spencer Yablon, John McFadden, Robert Miller, Sam Zell and Brad Megay represented the seller, LaCorte Properties, during the marketing and sale negotiations. LaCorte Properties also owns two additional lots on Venango Street and has plans to build an additional 60-units.

“LaCorte Properties was the first developer to build a new multifamily property in the Nicetown–Tioga neighborhood,” said Kupersmith. “Our client listened and worked with local officials and members of the community to deliver a very high-quality product.”

The modular built property, which delivered in August, is located adjacent to Temple University’s Health Sciences Campus.

“Even during these challenging and unprecedented times in our industry, our team and client were determined to get this deal across the finish line,” added Kupersmith. “The initial offer was accepted a week before the shutdown began in March and recently closed with no price adjustments.”

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.