Just Closed: 24-Unit Apartment Property in Lehigh Valley Trades Hands
ALLENTOWN, Pa., April 12, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Mountain Lane Apartments, a three building, 24-unit apartment property comprised of three 1-bedroom units, nineteen 2-bedroom units and two 3-bedroom units.
Daniel Bernard, associate, Andrew Townsend and Clarke Talone, both first vice president investments, and Ridge MacLaren, senior vice president investments, in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust, who had owned the property for 21 years. The buyer, a private company, was secured and represented by the team as well. The buyer plans to renovate all the units and address the capital improvement needs of the complex in order to increase rents substantially.
“This transaction shows the strength of the Lehigh Valley market and the overall apartment market, given how quickly the property was approached by investors and the speed at which it went under contract,” states Bernard. “Investors from New York and Philadelphia are starting to look toward the Lehigh Valley as a means to obtain higher yields where demographics continue to improve, and development is picking up.”
Mountain Lane Apartments is located at 2901 Ithaca Street in Allentown, Pa.
• • •
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 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 9,472 transactions in 2018 with a value of approximately $46.4 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.