Newmark has arranged the $24.5 million sale of 1600 Callowhill Street, a boutique multifamily asset in Philadelphia, Pennsylvania.

Newmark Executive Managing Director Erin Miller, Managing Director Steven Schultz and Associate Chris Koehler, represented the seller, Ivy Realty. The buyer is Turio Residential Company, a newly formed venture led by industry veteran Gianni Parente, marking the firm’s first acquisition in the city 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 and fully repositioned by Ivy Realty in 2019, 1600 Callowhill features 95 loft-style units along with more than 2,500 square feet of ground-floor retail space.

Located steps from the Benjamin Franklin Parkway and adjacent to the Rail Park, the property benefits from direct access to Center City, nearby universities, and Philadelphia’s transit infrastructure.