ELKTON, MD, April 30, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has sold Pine Hill Apartments, a 97 unit multi-family property in Elkton, Maryland. The total price for the asset was $5,875,000, which equates to approximately $60,000 per unit.
The multifamily brokerage team of Mark Thomson and Zachary Pierce along with the team of Ridge MacLaren, Clarke Talone and Andrew Townsend forged a collaborative marketing effort on behalf of the seller, a Delaware limited liability company. The buyer, also procured by the listing team, was a regional limited liability company.
“Pine Hill is a very well-maintained community in the desirable Elkton rental market. It had a history of high occupancy and should continue to be a strong performer for the purchaser,” noted Pierce.
“Our two teams collaborated to execute an extensive marketing effort and exposed the property to a broad range of qualified buyers,” MacLaren says. “Ultimately, our process yielded a buyer that was qualified to assume the loan in a smooth, expeditious manner,” he added.
Pine Hill Apartments, located in Elkton, Maryland, consists of a mix of spacious one and two bedroom units totaling 97 units. The property has no deferred maintenance and had recently undergone capital improvements including new windows, new sliders, and replacement and conversion of 5 of the 6 oil fired boilers to higher efficiency gas-fired boilers. The sale included the assumption of agency debt.
All of the agents involved congratulate the seller on this sizable and timely sale of the property.
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.