MacLaren • Talone • Townsend in the News: 2nd Residential Tower Planned at East Market Development Site

Team member Andrew Townsend was quoted in a Philadelphia Inquirer article published August 24, 2016. A second residential tower is being planned at a development site at an East Market project in Center City, which will have an impact on the area. Currently a quiet-after-dark neighborhood, the planned residential tower will aim to turn it into a lively community of businesses, shops and homes.

“I think the highest and best use for that location is some sort of mixed-use over retail, which is what they’re doing,” said Townsend – Vice President of Investments at Marcus & Millichap. He went on to say that an office tower at the site would have been more difficult, because such projects generally require an anchor tenant to be in place before construction can begin.

Read more about the plans on East Market on

Just Closed: Senior/HAP Property in Troy, NY

Lansingburgh Apartments closed July 18, 2016 for $4,077,500.

Lansingburgh Apartments closed July 18, 2016 for $4,077,500.

PHILADELPHIA, July 18, 2016 – Marcus & Mililchap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Lansingburgh Apartments, a 96-unit senior/HAP property. The property closed for $4,077,500.

Lansingburgh Apartments sits on the eastern bank of the Hudson River, on 114th Street in Troy, Rensselaer County, New York. The property has 23 studio/one-bath HAP units, 72 one-bedroom/one-bath HAP units, and 1 one-bedroom/one-bath market rate unit. The HAP contract is on a 20-year agreement, expiring in 2023.

Built in 1920, the building features an elevator, laundry center, and clubhouse with great room. The building has controlled access, as well as an intercom system. Units feature fully equipped kitchens, self-controlled heat, and wall-to-wall carpeting. It is in a strong location, proximate to shopping, restaurants, and the local public library.

Property Highlights:

  • 96-Unit Senior/HAP Property in Troy, NY
  • Studio and One-Bedroom Units
  • Controlled Access Elevator Building
  • Located Just Outside of Albany, NY
  • Less Than 3 Hours to Boston and New York City

For more information, contact:

Jobs Growth Fuels an Already Hot Philly-Area Apartment Market

Image courtesy of

Image courtesy of

Steady employment growth over the last several quarters has created a large pool of renters and helped boost the fortunes of the Philadelphia region’s apartment market, real estate investment services firm Marcus & Millichap says. The increase in jobs – 60,000 new ones are anticipated by the end of 2016 – has resulted in the formation of 23,700 new households in the region over the last four quarters, the firm’s research shows. As a result of this increasing demand for rental apartments, developers are accelerating construction and permit activity for multifamily projects.

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