**Newmark Arranges $24.5M Sale of 1600 Callowhill Street in Philadelphia**
Newmark has successfully arranged the $24.5 million sale of 1600 Callowhill Street, a boutique multifamily property located in Philadelphia, Pennsylvania.
The sales team from Newmark was led by Executive Managing Director Erin Miller, Managing Director Steven Schultz, and Associate Chris Koehler. They represented the seller, Ivy Realty. The buyer, Turio Residential Company, is a newly established real estate venture led by industry veteran Gianni Parente. This acquisition marks Turio’s first transaction in the Philadelphia market under its new banner.
“1600 Callowhill offered a rare combination of high-end renovation quality, walkable location and upside through a strategic leasing plan,” said Miller.
Originally constructed in 1926, the property was fully repositioned by Ivy Realty in 2019 to offer modernized, loft-style living. The asset includes 95 residential units and over 2,500 square feet of ground-floor retail space.
Strategically located just steps from the Benjamin Franklin Parkway and adjacent to the Rail Park, 1600 Callowhill benefits from excellent connectivity to Center City, nearby universities, and Philadelphia’s public transit network.
