WILMINGTON, DE, May 19, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Parklynn Apartments, a 140-unit apartment property located in Wilmington, DE, according to Brenton James Baskin, regional manager of the firm’s Philadelphia office. The asset sold for $6,600,000.
Ridge MacLaren, Clarke Talone and Andrew Townsend, 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. The buyer, a limited liability company, was secured and represented by Clarke Talone, Ridge MacLaren and Andrew Townsend.
Parklynn Apartments is located at 5 Ruth Road in Wilmington, DE. The Property is comprised of 140 units, and is located in the Elsmere section of Wilmington. With high current and historical occupancy, Parklynn generated significant interest amongst investors. The marketing campaign generated more than 20 tours and nine offers.
“Parklynn is a very stable asset in a solid Wilmington rental market,” said Talone. “The property’s track record with regard to occupancy and lack of deferred maintenance made it very appealing to prospective investors.”
“The seller had owned the asset for quite some time,” added MacLaren. “They recognized that due to strong apartment fundamentals, outstanding debt available, and lack of quality inventory on the market, it was a great time to sell. We saw very strong buyer activity from local and regional investors.”
About Marcus & Millichap (NYSE: MMI)
With nearly 1,500 investment 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 7,600 transactions in 2014 with a value of approximately $33.1 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