Categories: Business NewsNewsReal Estate & Properties

Trammell Crow Company Sells Matson Mill for $109 Million

Matson Mill offers stunning views and modern amenities.

Trammell Crow Company

The Trammell Crow Company is a leading real estate development and investment firm with a rich history dating back over 70 years. Founded in 1948, the company has established itself as a pioneer in creating innovative and sustainable commercial, residential, and mixed-use properties across the United States. Known for its strategic approach to real estate, Trammell Crow has delivered numerous landmark projects and contributed significantly to urban development. The company focuses on creating value through its integrated services, including development, construction, and property management, aiming to enhance community livability and foster economic growth. Its dedication to quality, sustainability, and industry leadership has made it a trusted name in real estate.

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.