Newmark Arranges $25M Sale of Multifamily in Philadelphia

Newmark Arranges $25M Sale of Multifamily in Philadelphia
News| June 25, 2025| Jasmine Kilman
Washington DC + Apartment Buildings

Newmark has arranged the $24.5 million sale of 1600 Callowhill Street, a boutique multifamily asset in Philadelphia, Pennsylvania.

Newmark Executive Managing Director Erin Miller, Managing Director Steven Schultz and Associate Chris Koehler, represented the seller, Ivy Realty. The buyer is Turio Residential Company, a newly formed venture led by industry veteran Gianni Parente, marking the firm’s first acquisition in the city under its new banner.

“1600 Callowhill offered a rare combination of high-end renovation quality, walkable location and upside through a strategic leasing plan,” said Miller. Originally constructed in 1926 and fully repositioned by Ivy Realty in 2019, 1600 Callowhill features 95 loft-style units along with more than 2,500 square feet of ground-floor retail space.

Located steps from the Benjamin Franklin Parkway and adjacent to the Rail Park, the property benefits from direct access to Center City, nearby universities, and Philadelphia’s transit infrastructure.

Other News

Multifamily Refinancing Squeeze: 41% Higher Costs, $6.8B Equity Gap

Apartment Buildings

Multifamily owners with loans coming due are faced with higher refinancing costs. While this isn’t news, Newmark put numbers to the issue, indicating that loans maturing in Q3 2026 carried an average interest rate of 4.04%, compared to 5.69% on new loans at an average cap rate of 5.5%, resulting in negative leverage. At the...

Learn more

Mortgage Rates Tilt Demand Toward Multifamily: Marcus & Millichap

Apartment Buildings

An increase in mortgage rates is cooling home sales, with multifamily the biggest beneficiary, according to John Chang, senior vice president at Marcus & Millichap. In a recent video, Chang said that the 10-year Treasury has risen by more than 100 basis points, and the 30-year mortgage rate is up about 130 bps to the...

Learn more

Revere, MA Weighs 1,700-Unit Housing Project

Boston & New England + Apartment Buildings

The city of Revere is eying a large redevelopment plan that would create 1,700 new affordable and market-rate homes about five miles northeast of downtown Boston. The Revere Housing Authority presented a proposal to the Revere City Council last week requesting a zoning change that would allow for development on a 40-acre site at Cooledge...

Learn more
New call-to-action

Brokers

View All

Lenders

View All

Management

View All
Login
or
Sign up