The Trammell Crow Company
The Trammell Crow Company is a leading real estate development and investment firm with a history of creating innovative and high-quality properties across various sectors. Established with a focus on delivering value through strategic development, the company has a track record of successfully completing major projects including multifamily, commercial, and industrial real estate. A subsidiary of CrossHarbor Capital Partners, Trammell Crow is recognized for its expertise in urban redevelopment and residential communities. In 2024, the company completed the development of the Matson Mill apartment complex in Conshohocken, Pennsylvania, a prominent luxury multifamily project that was subsequently sold to Goldman Sachs Asset Management for $109 million, highlighting its influence in the Philadelphia real estate market.
News Summary
The Trammell Crow Company has completed the sale of the Matson Mill apartment complex in Conshohocken, Pennsylvania, to Goldman Sachs Asset Management for $109 million. This transaction marks a significant development as it is the first sale of a newly constructed core multifamily asset in the Philadelphia metro area in several years. The complex includes 280 luxury units and boasts high occupancy rates, reflecting a strong demand for quality rental housing in the region.
Conshohocken, Pennsylvania – The Trammell Crow Company recently completed the sale of the Matson Mill apartment complex to Goldman Sachs Asset Management for $109 million. The transaction took place in July 2024 and is noteworthy as it was the first sale of a newly constructed, core multifamily asset in the Philadelphia metro area in several years. Constructed by High Street Residential, a subsidiary of Trammell Crow, the property spans 317,740 square feet and consists of 280 luxury apartment units.
The Matson Mill complex offers a variety of studio, one-, and two-bedroom floor plans, ranging in size from 487 to 1,818 square feet. The apartments are equipped with modern amenities, including walk-in closets and quartz countertops, while 45% of the units have views of the river, and 73% boast balconies or terraces. At the time of the sale, the complex was approximately 95% occupied, highlighting its desirability in the current market.
The sale has garnered recognition from the Philadelphia Business Journal, which named it one of the “Best Real Estate Deals of 2024” and awarded it first place in the apartment sale category. The marketing efforts for the sale were led by CBRE, with a team that included Senior Vice President Spencer Yablon, Vice Chairman Brian McAuliffe, and Senior Associate Brad Megay.
Situated at 101 Washington Street along the scenic Schuylkill River, Matson Mill is conveniently located across from the Southeastern Pennsylvania Transportation Authority (SEPTA) Regional Rail Station, which is set to undergo improvements, including the addition of a new parking garage and other amenities. The complex is also strategically placed just three miles from interstates 476 and 76 and approximately 15 miles from downtown Philadelphia, enhancing its accessibility.
As of June 2024, Greater Philadelphia’s multifamily occupancy rate was reported at 95.3%, with average rent increasing by 1.5% from the previous quarter. This demonstrates a robust demand for rental properties in the area. Year-to-date, the multifamily investment volume in Philadelphia reached $191.5 million as of June 2024, marking a significant increase compared to the same period in the previous year. The sale of Matson Mill represents a key development in this trend, signaling investor confidence in the Philadelphia real estate market.
The development of Matson Mill was partially funded by a $49.5 million construction loan from Santander Bank and opened its doors in 2022. The property was listed for sale in March 2024, and shortly after the sale, Buzzuto Management Company was replaced by Greystar as the property manager. This move is expected to enhance operational efficiencies and resident satisfaction.
Overall, the sale of the Matson Mill apartment complex illustrates a significant milestone in the Philadelphia multifamily sector, reflecting a strong investment climate and increasing demand for quality rental housing. As new developments continue to emerge, stakeholders are likely to keep a close eye on the evolving landscape of this thriving market.
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Trammell Crow Company Sells Matson Mill for $109 Million
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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.
