PHILADELPHIA, PA, October 15, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Beechwood Gardens, a 160-unit apartment property located in Philadelphia, PA, according to Spencer Yablon, regional manager of the firm’s Philadelphia office. The asset sold for $13,000,000, which represents $81,250 per unit.
Clarke Talone, Ridge MacLaren, and Andrew Townsend, investment specialists in Marcus & Millichap’s Philadelphia office, facilitated the transaction between the seller, a New York based limited liability company and the buyer, a local limited liability company.
“Beechwood Gardens represented an excellent opportunity for the buyer to crack in to the strong, Northeast Philadelphia apartment market. The sellers had done a great job of maintaining the property and were maintaining occupancy in the mid-to-high 90 percent range.” states Talone.
Beechwood Gardens is located at 9805 Haldeman Ave. in Philadelphia, with easy access to U.S. Route 1 and Interstate 95. Southeastern Pennsylvania Transportation Authority regional rail lines provide convenient transportation to CenterCity, Philadelphia.
Built in 1967 on 5.7 acres, BeechwoodGardens contains 80 one-bedroom and 80 two-bedroom apartments. Over two thirds of the units had been renovated. The buyer assumed an agency loan, with a rate higher than today’s market rates. “This is indicative of the fact that buyers are eager to acquire quality multifamily assets. Well-priced real estate in solid in-fill locations will continue to generate significant buyer interest in this market,” adds MacLaren.
Click here to read an article regarding the deal on GlobeSt.com
Click here to read an article regarding the deal from National Real Estate Investor
With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.
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