HAVERFORD, PA, January 8, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 232-236 West Montgomery, a 10-unit apartment property located in Haverford, PA, according to Spencer Yablon, regional manager of the firm’s Philadelphia office. The asset sold for $950,000.
Andrew Townsend, Clarke Talone and Ridge MacLaren, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a partnership, was also secured and represented by Townsend, Talone and MacLaren.
“The property’s location along Montgomery Avenue in Haverford helped to generate a tremendous amount of investor interest and property tours,” noted Talone. “The fact that apartments on the Main Line rarely trade had a positive impact on value, and helped us achieve list price.”
“Ultimately, the buyer plans to take advantage of this ‘A’ location by repositioning the property,” added Townsend.
The property, comprised of ten units and built in 1925, sold for list price. Rents were well below market, when compared with similar properties in the area. “The buyer has a deep knowledge of the Main Line market, and was able to recognize the opportunity. This should prove to be a great investment,” stated MacLaren.
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.