Marcus & Millichap’s 2nd Quarter 2023 Multifamily Market Report for the Philadelphia Metro Area has been released. New Jersey Suburbs have been aided by minimal new construction, despite ranking as some of the metro’s tightest submarkets. Meanwhile in Philadelphia, robust inventory gains are affecting fundamentals in the short-term.
Click the link below to view the full report. If you would prefer to view a hard copy of the report, or if you would like to view a report for a market other than Philadelphia, please give us a call at 215-531-7021.
Long-Run Demand Tailwinds Poised to Guide Multifamily Sector Through Near-Term Choppy Waters
While property performance began to soften last year, fundamentals nevertheless stand well-ahead of pre-health crisis norms. A broad-based housing shortage also bolsters the sector’s long-term prospects. To help commercial real estate investors capitalize on the unique nuances of the current climate, Marcus & Millichap presents the 2023 Multifamily National Investment Forecast.
Key Features Include:
- A detailed outlook for the U.S. multifamily sector in 2023
- Metrics and analyses for 50 markets across the country
- Supply and demand forecasts for each metro
The Market Overview for Philadelphia can be found on Page 43. Click the link below to view the report.
Will Multifamily’s Record Performance Carry into 2022? Trends, Insights, and Outlook for 46 Markets Across the U.S.
The health crisis unlocked a wave of changes to the economy and housing market that transformed the multifamily investment landscape. To help investors adapt to and capitalize on the unprecedented climate, the 2022 Multifamily Investment Forecast offers deep insight on the performance, investment and financing landscape for the coming year.
Key Features Include:
- 2022 economic, housing and demographic outlooks
- Apartment market index rankings
- Supply and demand forecasts for every market
The Market Overview for Philadelphia can be found on Page 41. Click the link below to view the report.
MCSHERRYSTOWN, PA, January 6, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of West Park Apartments, a 69-unit apartment property located in McSherrystown, PA. The asset sold for $7 million, according to Sean Beuche, regional manager of the firm’s King of Prussia office.
Clarke Talone, Andrew Townsend, Daniel Bernard, and Ridge MacLaren, investment specialists in Marcus & Millichap’s King of Prussia office, along with Christopher Chadwick and Martin Mooradian from the Washington D.C. office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The listing team also secured the buyer, a regional limited liability company.
“Central Pennsylvania apartment market fundamentals remain extremely strong. West Park Apartments generated a tremendous amount of investor interest due to its large townhome-style units and value-add opportunity,” said Talone. “The buyer was drawn to the property due to the significant upside in rents. They executed a smooth transaction and were able to close in less than two months from contract execution.”
West Park Apartments is located at 65 North Street in McSherrystown, PA, which is 11 miles east of Gettysburg, 21 miles southwest of York and 40 miles south of the state’s capital of Harrisburg. Built in 1974, the property’s 12 buildings are situated on approximately 5.5 acres of land and have been nicely maintained, with updated roofs and flooring. The unit mix is comprised of a single one-bedroom/one-bath unit, and 68 two-bedroom/one-bath townhouse units. Each of the property’s 69 units feature a washer and dryer, and two private entrances. Additionally, there is ample off-street parking in a lot surrounding its buildings that has recently been sealed and striped. The property was delivered free and clear of debt, allowing the buyer to capitalize on the strong financing market.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing 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 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap 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.