PHILADELPHIA, PA, February 19, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of The Archview Apartments, a 20-unit apartment property located in Philadelphia, PA, according to Spencer Yablon, regional manager of the firm’s Philadelphia office. The asset sold for $2,200,000.
Clarke Talone, Ridge MacLaren and Andrew Townsend, investment specialists in Marcus & Millichap’s Philadelphia office, represented the seller, a partnership. The buyer, a local partnership, was also procured by Talone, MacLaren and Townsend.
“The Archview Apartments represented a highly sought after value-add opportunity,” noted Talone. “Due to its outstanding location in Manayunk near Main Street and the train station, the new owner will be able to significantly increase rents after a unit renovation program.”
The Archview Apartments is located at 108-110 Levering Street in Philadelphia, PA. Situated in the heart of the Manayunk, the historic building features 19 apartments and an office space. Archview was delivered free and clear of debt, allowing the purchaser to take advantage of the attractive financing available in the market. “The seller developed an excellent rental property in a very desirable location for tenants. At the time of the sale the property was fully occupied and in great shape,” added MacLaren.
Click here to view additional coverage of this sale by the Philadelphia Business Journal
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 6,149 transactions in 2012, 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.