CAMDEN, NJ, January 18, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has sold a multifamily property totaling 392 units in Camden. The asset was delivered free and clear of debt. The sales price is $16.1 million.
The multifamily brokerage team of Ridge MacLaren, Andrew Townsend and Clarke Talone had the exclusive listing and forged a marketing effort on behalf of the seller, a New Jersey-based limited liability company. The buyer, also procured by the listing team, was Tryko Partners LLC of Brick, N.J.
“The buyer received excellent financing on this low-income property,” says Townsend. “The new owner plans to make substantial capital improvements including new windows, boilers, kitchens, bathrooms and landscaping, which will vastly improve quality of life for the tenants.”
“The buyer and seller worked together to navigate through bureaucratic issues, including a challenging assumption of a payment in lieu of taxes (PILOT) agreement,” adds MacLaren. “We congratulate both parties on a successful transaction that required tremendous patience and a degree of trust between the parties.”
The Crestbury is situated within a few miles of bridges heading into the city of Philadelphia. Built in 1950, it features one- and two-bedroom units overlooking a neighborhood park.
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 5,085 transactions in 2011, 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.