CLAYMONT, DE, August 28, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of River Club, a 90-unit apartment property located in Claymont, DE, according to Spencer Yablon, regional manager of the firm’s Philadelphia office. The asset sold for $4,750,000.
Ridge MacLaren, Andrew Townsend, and Clarke Talone, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a limited liability company, was secured and represented by MacLaren, Townsend and Talone. Spencer Yablon, Broker, assisted in closing this transaction.
River Club is located at 7807 Governor Printz Blvd in Claymont, DE. This 90-unit property, built in 1989, has 83 one-bedroom one-bath units and 7 two-bedroom two-bath units.
River Club is a 55+ community, which features a sundeck overlooking the Delaware River, a fitness center, a cyber café and a gaming room.
“River Club was a value-add opportunity in a strong rental market”, noted MacLaren. “Our marketing process generated a tremendous amount of activity and produced several strong offers from qualified buyers. Ultimately, the buyer that was selected closed at list price in under 45 days.”
With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.