General News

Marcus & Millichap is pleased to announce the sale of Mountain Lane Apartments – A 24-unit property in Allentown, Pa.

ALLENTOWN, Pa., April 12, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Mountain Lane Apartments, a three building, 24-unit apartment property comprised of three 1-bedroom units, nineteen 2-bedroom units and two 3-bedroom units.

Daniel Bernard, associate, Andrew Townsend and Clarke Talone, both first vice president investments, and Ridge MacLaren, senior vice president investments, in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust, who had owned the property for 21 years. The buyer, a private company, was secured and represented by the team as well. The buyer plans to renovate all the units and address the capital improvement needs of the complex in order to increase rents substantially.

“This transaction shows the strength of the Lehigh Valley market and the overall apartment market, given how quickly the property was approached by investors and the speed at which it went under contract,” states Bernard. “Investors from New York and Philadelphia are starting to look toward the Lehigh Valley as a means to obtain higher yields where demographics continue to improve, and development is picking up.”

Mountain Lane Apartments is located at 2901 Ithaca Street in Allentown, Pa.

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About Marcus & Millichap (NYSE: MMI)

With nearly 2000 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 9,472 transactions in 2018 with a value of approximately $46.4 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.

Marcus & Millichap is pleased to announce the sale of Applegate Apartments and Applecore Apartments – 84 units in Montgomery County, Pa. The properties recently traded hands for $8,562,500.

HATFIELD, Pa., March 28, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of 84 units in Montgomery County, Pa. The transaction closed for $8,562,500, and included Applegate Apartments and Applecore Apartments.

Andrew Townsend and Clarke Talone, both first vice president investments, Ridge MacLaren, senior vice president investments, and Daniel Bernard, associate, in Marcus & Millichap’s Philadelphia office, facilitated the transaction and represented the buyer, a limited liability company. The buyer plans to begin renovations to upgrade the property, and increase rents so they are more in-line with the market.

“Value-add multifamily is still in high demand,” says Talone. “Buyers are willing to accept low current returns for an opportunity to improve a property and generate higher rents.”

The seller was a family trust who had owned the property for decades. “The seller was the second generation of the original developer of the property, who had owned it for 48 years,” notes Townsend.

The transaction included the 72-unit Applegate Apartments in Hatfield and the 12-unit Applecore Apartments in Souderton. Applegate is located at 434 West Vine Street in Hatfield, Pa. Applecore is located at 464, 472, and 480 2^nd Street in Souderton, Pa. Both towns are known for being excellent suburban locations, and are close to major employment centers.

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About Marcus & Millichap (NYSE: MMI)

With nearly 2000 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 9,472 transactions in 2018 with a value of approximately $46.4 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.

Marcus & Millichap is pleased to announce the sale of Ashland Terrace – A 27-unit property in Secane, Pa. The property recently traded hands for $1,850,000.

SECANE, Pa., February 25, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Ashland Terrace, a 27-unit apartment property comprised of 6 one-bedroom units and 21 two-bedroom units, located in Secane, Pa. The well-maintained property sold for $1,850,000.

Clarke Talone and Andrew Townsend, both first vice president investments, Daniel Bernard, associate, and Ridge MacLaren, senior vice president investments in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a private partnership. The long-term Owner had made several significant upgrades including substantial roof work, replacing boilers, and updated kitchens over the years. The buyer, a regional LLC, was secured and represented by the Philadelphia-based investment sales team as well.

“The property was only on the market for 30 days and generated 15 tours,” said Talone. “The response we received from the market is reflective of the continued demand for multifamily properties, especially properties with upside in rents, such as Ashland Terrace.”

Ashland Terrace is located at 711 Ashland Avenue in Secane, Pa.

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About Marcus & Millichap (NYSE: MMI)

With nearly 2000 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 9,472 transactions in 2018 with a value of approximately $46.4 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.

Marcus & Millichap is pleased to announce the sale of a development opportunity in Center City Philadelphia – The properties at 10th and Arch recently traded hands for $8,400,000.

PHILADELPHIA, January 10, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 1018 Arch Street, a 12,396-square-foot paved lot utilized by Greyhound, and 44 North 10^th Street, a 1,485-square-foot retail lot rented by Discover Travel in Philadelphia, Pa. The combined sales price for both assets totaled $8,400,000.

Clarke Talone and Andrew Townsend, both first vice president investments, and Ridge MacLaren, senior vice president investments, in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, private partners that had owned the properties for several decades. The buyer, a local private investor, was secured and represented in-house by another team of collaborative agents including, Phil Sharrow, Jonathan Massaro, and Fahd Malik, all senior associates, in the Philadelphia office.

“This investment opportunity entails two NNN retail leases, providing passive income,” states Talone. “The assets were exposed locally and nationally to a substantial market of multifamily, hospitality, retail, and office investors and developers. The desirable CMX-5 zoning of the site allows for a multitude of development opportunities.”

“This lot is rare and irreplaceable ground in this urban-infill neighborhood,” said Sharrow. “Our clients are very excited to begin predevelopment in the next year or so. The project scope of the redevelopment is yet to be determined.”

The assets are located at 1018 Arch Street and 44 North 10^th Street in Philadelphia, Pa. The property is only a half block from the Pennsylvania Convention Center, and walking distance to Market East redevelopment, the Market-Frankford subway, Jefferson Station, Jefferson Hospital, City Hall, Reading Terminal Market, Chinatown and much more.

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About Marcus & Millichap (NYSE: MMI)

With over 1,800 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 over 9,000 transactions in 2017 with a value of approximately $42.2 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

Marcus & Millichap is pleased to present for sale The Flats at 31 Brewerytown – 114 new construction units located in the Brewerytown neighborhood of Philadelphia.

PHILADELPHIA, PA – A large multifamily asset in one of Philadelphia’s most active up-and-coming neighborhoods, Brewerytown, is being offered for sale by Marcus & Millichap.

The Flats at 31 Brewerytown is a 114-unit Class A apartment building that was constructed in two phases from 2014-2015. The property features spacious one- and two-bedroom apartments and townhomes, all of which have modern high-end finishes. There is a ten-year tax abatement until December 2024 and January 2026.

Marcus & Millichap Philadelphia’s Andrew Townsend, first vice president investments, along with partners, Ridge MacLaren, senior vice president investments, Clarke Talone, first vice president investments, and Will Riter, associate, are exclusively representing the seller, Westrum Development Company. Westrum is a leading residential real estate developer in the area, that spearheaded the revitalization of Brewerytown.

Notably, the property features a 1:1 ratio of off-street parking, as well as attached garages. The spacious units average 883 square feet in size, which is larger than comparable luxury buildings in the submarket. Units feature gourmet kitchens with granite, stainless steel appliances, 9-foot ceilings, in-unit washer/dryer, and contemporary track lighting. Rents at the property are $1.73 per square foot, which is well below the average in the market. This is a major draw for tenants looking to live the city lifestyle in a highly desirable location at a lower cost, in comparison to similar Center City neighborhoods. Due to the low rent per square foot and current occupancy of 96 percent, The Flats at 31 Brewerytown is primed for future rent growth as the area continues to mature and thrive.

The rapidly developing neighborhood of Brewerytown is ideally situated minutes from the Schuylkill Expressway (Interstate-76), just north of Center City. The neighborhood is bordered by Fairmount Park to the west, as well as the neighborhood of Fairmount to the south, home to Philadelphia’s world-class art museums. The Flats at 31 Brewerytown is walking distance to a brand-new Aldi grocery store, numerous dining and nightlife options, as well as the Philadelphia Zoo. Public transportation is a short walk away, including SEPTA bus routes and SEPTA Route 15, a heritage streetcar line that runs through the neighborhood and connects to Girard Station, which provides easy access to Center City via a ten-minute subway ride.

Click here to view additional details about this listing, or give us a call at 215-531-7020.

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About Marcus & Millichap (NYSE: MMI)

With over 1,800 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 nearly 9,000 transactions in 2017 with a value of approximately $42.2 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

Marcus & Millichap is pleased to announce the sale of the Country View Townhomes – 12 units located in York, Pa.

YORK, Pa., August 31, 2018 – 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 Country View Townhomes, 12 townhomes located at 2-14 Tate Way in York, Pa. The multifamily asset sold for $1,846,300.

Will Riter, associate, Andrew Townsend and Clarke Talone, both first vice president investments, and Ridge MacLaren, senior vice president investments in Marcus & Millichap’s Philadelphia and Wynnewood offices, facilitated the transaction and represented the buyer, a limited liability company.

“Since its construction in 2007, the Country View Townhomes have experienced low turnover and strong occupancy,” said Riter. “Due to the lack of inventory in the market, there is high demand for assets of this kind, resulting in an aggressive price per unit, but still allowing a strong return for the buyer.”

The Country View Townhomes are in York County, adjacent to the York Township Park and York Area Regional Police Station. The 12 townhomes are comprised of three-bedroom/two-and-a-half bathroom units.

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About Marcus & Millichap (NYSE: MMI)

With over 1,800 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 over 9,000 transactions in 2017 with a value of approximately $42.2 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

Marcus & Millichap’s 3rd Quarter Multifamily Research Market Report for the Philadelphia Metro Area has been released. High rents in the urban core are prompting more renters to look toward the suburbs, improving performance in those areas. The high demand in suburban submarkets is luring more developers away from the downtown, to areas that have not seen as many deliveries in recent years.

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 215-531-7019.

Marcus & Millichap Releases 3rd Quarter Multifamily Research Market Report

MacLaren · Talone · Townsend’s sale of the Residence at Overbrook has been featured in the most recent issue of The Apartment Report, a national publication that is compiled by Crittenden Research. The Residence at Overbrook is a 127-unit property in Philadelphia that was formerly master-leased to Saint Joseph’s University. The sale of the property for $13M is especially notable, as the property was vacant following the expiration of the master lease. The buyer now has the opportunity to perform value-add renovations while the property is vacant.

Per Crittenden Research’s website, The Apartment Report provides “thorough updates of the busiest developers, buyers, management firms, lenders and equity partners. Amenities, marketing, investment and lending operations, acquisitions, development, and location trends are just some of the key areas The Apartment Report exhaustively covers–Information that’s all obtained first hand by Crittenden’s Multifamily Reporter.”

Click here to view the most recent issue of The Apartment Report.

Marcus & Millichap is pleased to announce the sale of Residence at Overbrook – A 127-unit property in the Overbrook Farms neighborhood of Philadelphia.

PHILADELPHIA, June 27, 2018 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Residence at Overbrook, a 127-unit apartment complex featuring studio, one-bedroom, and two-bedroom units, located in the Overbrook Farms neighborhood of Philadelphia, Pa. The asset sold for $13,026,478, equating to about $102,570 per unit.

Clarke Talone, Andrew Townsend, and Ridge MacLaren, 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, who owned the property since 2014. The buyer, a local private developer with experience and a track record in the neighborhood, was secured and represented by Talone, MacLaren and Townsend.

“This property presented a unique investment opportunity, as the building’s master-lease to Saint Joseph’s University expired in May 2018,” said Talone. “Many investors were attracted by the ability to immediately renovate units in a building with scale in a strong submarket. The building will generate tenant demand from the thriving submarket, with demand drivers such as Saint Joseph’s University, Lankenau Hospital, and the concentration of office buildings in nearby Bala Cynwyd.”

Residence at Overbrook is located at 6358 Lancaster Avenue and 6312 Sherwood Road in Philadelphia, Pa. Situated near Saint Joseph’s University and City Avenue, the property is just a short walk from the Overbrook stop on SEPTA’s Paoli-Thorndale regional rail line.

The seller recently put capital improvements in the property, including updating the lobbies and hallways, and upgrading more than 20 bathrooms. Numerous properties in the area have capitalized on the area’s demand, and are achieving higher rents after undergoing renovation programs.

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About Marcus & Millichap (NYSE: MMI)

With over 1,800 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 over 9,000 transactions in 2017 with a value of approximately $42.2 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