ALLENTOWN, PA, September 30, 2014 – 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 Glen Ridge Apartments, a 32-unit apartment property located in Allentown, PA, according to Brenton Baskin, regional manager of the firm’s Philadelphia office. The asset sold for $2,000,000.
Clarke Talone, Ridge MacLaren 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.
“Glen Ridge was a value-add apartment deal that was delivered free and clear of debt. This is precisely what many investors are looking for in the market today. The ability to increase rents through unit upgrades is a very compelling story and it garnered significant interest here,” stated Talone.
“The buyer recognized the current rents had not been increased in years and were well below market levels. They took advantage of excellent bank financing available in today’s marketplace and should experience strong returns,” added Townsend.
The Glen Ridge Apartments is located at 801 East Turner Street in Allentown, PA. The property is a garden-style apartment community that was constructed in 1968, with a unit mix consisting of 4 studios, 21 two-bedroom units, and 7 three-bedroom units. The property closed within three months of listing.
About Marcus & Millichap (NYSE: MMI)
With over 1,300 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 6,600 transactions in 2013 with a value of approximately $24 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