Marcus & Millichap’s 3rd Quarter 2021 Multifamily Market Report for the Philadelphia Metro Area has been released. Resiliency has transitioned to near-record growth As of June, vacancy had fallen below the pre-health crisis level. Gains are being driven primarily by suburban neighborhoods, where many households relocated during lockdowns.
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PHILADELPHIA, PA, September 2, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Carillon Woods, a 204-unit apartment property located in Millsboro, DE, according to Sean Beuche, regional manager of the firm’s Philadelphia office.
Clarke Talone, Andrew Townsend, Ridge MacLaren, William McGlone, and Dan Bernard, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a Delaware-based developer. The buyer, an affiliate of Merion Realty Partners, was secured by Clarke Talone, Andrew Townsend, Ridge MacLaren, William McGlone, and Dan Bernard.
Carillon Woods is located at 34011 Harvard Ave in Millsboro, DE. The 204-unit property is a Class A 2019 construction apartment community located in the strong submarket of Southern Delaware. The excellent location, which is experiencing increased demand as residents leave more dense urban locations, along with rental upside, generated strong buyer activity. The asset closed at 99% of list price.
“The sellers developed a beautiful community in this Sussex County submarket, which is experiencing tremendous growth right now,” said Clarke Talone. “The large units and impressive amenity package helped the property lease up quickly and generate strong rent growth with lease renewals and new leases.”
“Carillon Woods is another example of the heightened demand we have seen for suburban multifamily assets,” added Andrew Townsend. “Our marketing process generated offers from buyers throughout the region looking to grow their portfolio in strong suburban locations such as Millsboro, which offers residents easy access to the beaches, shopping, dining, employment. Merion Realty Partners executed a smooth transaction and are excited to tap into a new submarket”
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 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 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap 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.