PHILADELPHIA, June 27, 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 Residence at Overbrook, a 127-unit apartment complex featuring studio, one-bedroom, and two-bedroom units, located in the Overbrook Farms neighborhood of Philadelphia, Pa. The asset sold for $13,026,478, equating to about $102,570 per unit.
Clarke Talone, Andrew Townsend, and Ridge MacLaren, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a limited liability company, who owned the property since 2014. The buyer, a local private developer with experience and a track record in the neighborhood, was secured and represented by Talone, MacLaren and Townsend.
“This property presented a unique investment opportunity, as the building’s master-lease to Saint Joseph’s University expired in May 2018,” said Talone. “Many investors were attracted by the ability to immediately renovate units in a building with scale in a strong submarket. The building will generate tenant demand from the thriving submarket, with demand drivers such as Saint Joseph’s University, Lankenau Hospital, and the concentration of office buildings in nearby Bala Cynwyd.”
Residence at Overbrook is located at 6358 Lancaster Avenue and 6312 Sherwood Road in Philadelphia, Pa. Situated near Saint Joseph’s University and City Avenue, the property is just a short walk from the Overbrook stop on SEPTA’s Paoli-Thorndale regional rail line.
The seller recently put capital improvements in the property, including updating the lobbies and hallways, and upgrading more than 20 bathrooms. Numerous properties in the area have capitalized on the area’s demand, and are achieving higher rents after undergoing renovation programs.
• • •
About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 2017 with a value of approximately $42.2 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