MCSHERRYSTOWN, PA, January 6, 2022 – 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 West Park Apartments, a 69-unit apartment property located in McSherrystown, PA. The asset sold for $7 million, according to Sean Beuche, regional manager of the firm’s King of Prussia office.
Clarke Talone, Andrew Townsend, Daniel Bernard, and Ridge MacLaren, investment specialists in Marcus & Millichap’s King of Prussia office, along with Christopher Chadwick and Martin Mooradian from the Washington D.C. office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The listing team also secured the buyer, a regional limited liability company.
“Central Pennsylvania apartment market fundamentals remain extremely strong. West Park Apartments generated a tremendous amount of investor interest due to its large townhome-style units and value-add opportunity,” said Talone. “The buyer was drawn to the property due to the significant upside in rents. They executed a smooth transaction and were able to close in less than two months from contract execution.”
West Park Apartments is located at 65 North Street in McSherrystown, PA, which is 11 miles east of Gettysburg, 21 miles southwest of York and 40 miles south of the state’s capital of Harrisburg. Built in 1974, the property’s 12 buildings are situated on approximately 5.5 acres of land and have been nicely maintained, with updated roofs and flooring. The unit mix is comprised of a single one-bedroom/one-bath unit, and 68 two-bedroom/one-bath townhouse units. Each of the property’s 69 units feature a washer and dryer, and two private entrances. Additionally, there is ample off-street parking in a lot surrounding its buildings that has recently been sealed and striped. The property was delivered free and clear of debt, allowing the buyer to capitalize on the strong financing market.
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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.