Trammell Crow Company Sells Matson Mill for $109 Million

News Summary

Trammell Crow Company has finalized the sale of the Matson Mill apartment complex in Conshohocken to Goldman Sachs Asset Management for $109 million. This landmark deal is significant for the Philadelphia real estate market, marking the first sale of a newly constructed multifamily asset in years. The complex features 280 residential units, nearly fully leased, and offers various amenities. The transaction highlights the rising multifamily investment market in Greater Philadelphia, which has shown a strong interest in rental properties.

Conshohocken, Pennsylvania – Trammell Crow Company has completed the sale of the Matson Mill apartment complex to Goldman Sachs Asset Management for $109 million. This significant transaction occurred in July 2024 and is recognized as a landmark deal in the Philadelphia real estate market.

Located at 101 Washington Street, the Matson Mill complex features 280 residential units across 317,740 square feet. Opened in 2022, the building is nearly fully leased, with approximately 95% of units occupied at the time of the sale. The units comprise a diverse offering of studio, one-bedroom, and two-bedroom layouts, varying in size from 487 to 1,818 square feet.

This deal is particularly noteworthy as it marks the first sale of a newly constructed multifamily asset in the Philadelphia metro area in several years. The Philadelphia Business Journal has recognized the transaction as part of its “Best Real Estate Deals of 2024,” awarding it first place in the apartment sale category.

Property Details and Amenities

Matson Mill boasts a variety of appealing amenities. Key features include a swimming pool, a clubroom, a game room, a fully equipped gym, a dog wash station, and an area for residents to wait for trains. The property is designed to enhance the living experience, with 45% of units offering scenic river views and 73% equipped with balconies or terraces.

High Street Residential, in partnership with MetLife Investment Management, developed the property. The architectural and landscaping design was provided by St. Hord Coplan Macht, ensuring that the building fits seamlessly into the surrounding area, further enhancing its appeal to potential residents.

Location and Transportation

Situated near the Southeastern Pennsylvania Transportation Authority (SEPTA) Regional Rail Station, which is slated for upcoming improvements, Matson Mill offers residents convenient access to public transportation. The property is located approximately 3 miles from interstates 476 and 76 and 15 miles from downtown Philadelphia, making it an attractive option for commuters.

Market Context

The multifamily investment market in Greater Philadelphia has been on an upswing, witnessing a remarkable 95.3% occupancy rate in June 2024. Year-to-date, the area has seen $191.5 million in multifamily investment volume, indicating a revitalized interest in this sector of the real estate market.

The sale of Matson Mill was marketed by CBRE, with a team that included Senior Vice President Spencer Yablon, Vice Chairman Brian McAuliffe, and Senior Associate Brad Megay. The property was officially listed for sale in March 2024 and quickly gained traction due to the strong demand for housing in the region.

Management Transition

Shortly after the sale, on July 24, 2024, residents of Matson Mill were informed that Greystar would replace Buzzuto Management Company as the property manager. This transition aims to enhance resident services and ensure the smooth operation of the complex.

In summary, the sale of Matson Mill not only underscores the strength of the Philadelphia real estate market but also establishes a notable milestone for multifamily developments in the area. As occupancy rates remain high and demand for rental units continues to grow, Matson Mill stands out as a prime example of evolving residential offerings in the region.

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Additional Resources

• More Than The Curve: Matson Mill Apartment Community Sold
• Google Search: Matson Mill Apartment Community
• Multi-Housing News: High Street Residential Sells Philly Area Asset
• Wikipedia: Real Estate in the United States
• Yield Pro: High Street Residential Completes Matson Mill Development
• Google Scholar: Philadelphia Multifamily Market
• CoStar: Philadelphia’s Multifamily Investments Show Signs of Recovery
• Encyclopedia Britannica: Philadelphia
• More Than The Curve: Matson Mill Apartment Community Listed for Sale
• Google News: Philadelphia Real Estate

Author: STAFF HERE PHILADELPHIA WRITER

PHILADELPHIA STAFF WRITER The PHILADELPHIA STAFF WRITER represents the experienced team at HEREPhiladelphia.com, your go-to source for actionable local news and information in Philadelphia, Philadelphia County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Mummers Parade, Philadelphia Flower Show, and Thanksgiving Day Parade. Our coverage extends to key organizations like the Greater Philadelphia Chamber of Commerce and United Way of Greater Philadelphia, plus leading businesses in telecommunications, food services, and healthcare that power the local economy such as Comcast, Aramark, and Children's Hospital of Philadelphia. As part of the broader HERE network, we provide comprehensive, credible insights into Pennsylvania's dynamic landscape.