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.
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.