DREXEL HILL, Pa., January 29, 2018 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Yorkshire Court, a 30-unit apartment building located in Drexel Hill. The asset sold for $1,695,000.
Clarke Talone, First Vice President Investments, Daniel Bernard, Associate, Ridge MacLaren, Senior Vice President Investments, and Andrew Townsend, First Vice President Investments of Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller. Matthew Rosenberg, Director in MMCC’s Philadelphia office, arranged the acquisition financing. The non-recourse loan was structured with a fixed 3.65-percent interest rate over a seven-year term amortized over 30 years.
“The buyer took advantage of favorable financing,” noted Bernard. “The combination of yield and size made this building ideal for a new investor coming into the Philadelphia marketplace.”
Yorkshire Court is located at 740 Burmont Road in Drexel Hill, PA. The 30-unit building consists of six studio units and 24 one-bedroom/one-bath units.
“Yorkshire Court has received significant capital improvements in the last few years, and new ownership is in an excellent position to increase rents with further renovation of the large one-bedroom units,” said Talone.
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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