HARRISBURG, Pa., August 31, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Eastridge Apartments, a 108-unit multifamily property located in Harrisburg, Pa., according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $6,900,000.
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 limited liability company. The team of agents received more than ten offers for the asset and ultimately procured an out-of-market buyer, a private partnership that participated in a 1031 exchange.
“The property features a 20-year family Housing Assistance Payments (HAP) contract on 98-percent of the units expiring in 2024,” said Townsend. “The seller had renovated the property in 2003 under the Low-Income Housing Tax Credit (LIHTC) program and received Pennsylvania Housing Finance Agency (PHFA) weatherization grants in 2013, which included new insulation, refrigerators, lighting, thermostats and other improvements.”
“There is still a tremendous amount of interest in well-maintained properties in strong locations, even in secondary markets,” added Talone. “Our buyer took advantage of strong agency debt, which allowed them to pay an aggressive price while still achieving strong returns.”
The 108 apartments are a mixture one-, two-, and three-bedroom units. Eastridge Apartments is situated on seven acres at 102 Worcester Ave in Harrisburg.
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About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com