Yesterday we told you that North 28—the 15-unit Brewerytown condo development by MM Partners that was getting ready to launch—chose to change course and take the property rental-only. We reached out to MM Partners principal Jacob Roller and asked if deciding to take the units off the sales market and make them available to renters doesn''t make it look like they simply couldn't sell them in what's still considered a "transitional" neighborhood.
"Naturally people will ask about sales, totally understand," Roller told us via email. "We had units under agreement, but are releasing those buyers because this was the better long term business decision. Our strategy was always to test the sales market, knowing that the rental market was a very attractive alternative."
Roller and co. see a rental market boom—"it's white hot," he says—and they think it's going to last. "It appears to be a long term trend, not just a temporary thing. Using N28 as a rental greatly diversifies our rental portfolio, as we can now offer a higher end product with parking that is still crazy affordable compared to similar nearby buildings in Fairmount."
· Brewerytown's North 28 Goes Rental [CPHI]
· Gallery: N28 Busts Out the Sushi for Last Night's Open House [CPHI]