Just Closed: 27-Unit Apartment Building in Secane, Pa. Sells for $1.85M
SECANE, Pa., February 25, 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 Ashland Terrace, a 27-unit apartment property comprised of 6 one-bedroom units and 21 two-bedroom units, located in Secane, Pa. The well-maintained property sold for $1,850,000.
Clarke Talone and Andrew Townsend, both first vice president investments, Daniel Bernard, associate, 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, a private partnership. The long-term Owner had made several significant upgrades including substantial roof work, replacing boilers, and updated kitchens over the years. The buyer, a regional LLC, was secured and represented by the Philadelphia-based investment sales team as well.
“The property was only on the market for 30 days and generated 15 tours,” said Talone. “The response we received from the market is reflective of the continued demand for multifamily properties, especially properties with upside in rents, such as Ashland Terrace.”
Ashland Terrace is located at 711 Ashland Avenue in Secane, Pa.
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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.