Just Closed: Marcus & Millichap Sells Center City Multifamily for $16.6M
Philadelphia, 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 the Dynasty Court Apartments, a 56-unit apartment building located at 1003-1011 Race Street in Center City Philadelphia’s Chinatown neighborhood. The property consists of 56 units, five retail storefronts on Race Street, and 21 parking spaces. The asset sold for $16,600,000.
Andrew Townsend, first vice president investments, Ridge MacLaren, senior vice president investments and Clarke Talone, first vice president investments, all of Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a local partnership who developed the property in 1982. Townsend, MacLaren, Talone, and Philip Sharrow, associate in Marcus & Millichap’s Philadelphia office, represented the buyer, a local development company.
The property’s stellar location on Race Street in the heart of Center City Philadelphia drew the interest of investors from across the country.
“We had a tremendous amount of interest in this property due to the long-term intrinsic value of the asset,” said Townsend. “Dynasty Court is one of the largest multifamily properties in Chinatown, and over half the units are large multi-level townhouses.”
Townsend continued, “Our marketing process generated numerous offers from the local community and as far away as California. Ultimately, the buyer stepped up and paid over the asking price to secure the deal.”
Matthew Rosenberg, director in Marcus & Millichap Capital Corp.’s Philadelphia office, arranged the acquisition financing.
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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