G. Andrews Smith Of L&B Realty Advisors Acquires Mixed-Use Complex From Mark Gabbay For $82.4M

A mixed-use apartment complex located at 1901 Callowhill Street in Philadelphia has sold for $82,400,000. The asset comprises 229 units, amounting to approximately $359,825 per unit. The property, constructed in 2013, also includes 20,000 square feet of retail space and trades in a market characterized by a vacancy rate of 7.6% and modest rent growth.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $82,400,000
• Units: 229
• Price Per Unit: $359,825
• Buyer: G. Andrews Smith - L&B Realty Advisors
• Seller: Mark Gabbay - LaSalle Investment Management

This transaction highlights the involvement of G. Andrews Smith of L&B Realty Advisors as the buyer and Mark Gabbay of LaSalle Investment Management as the seller. The deal reflects a notable activity level in downtown Philadelphia's multifamily market, with the recent sale price indicating approximately 31% lower than its previous sale price in 2013.