HAVERTOWN, PA, October 17, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Victoria Arms Apartments, a 52-unit apartment property located in Havertown, PA, according to Spencer Yablon, regional manager of the firm’s Philadelphia office. The asset sold for $3,620,000.
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 New Jersey limited liability company. The buyer, a local limited liability company, was secured and represented by Talone, MacLaren, and Townsend.
“Victoria Arms is a charming, well located building with great visibility off of Darby Road. Havertown is a strong rental market that has commanded serious investor interest. This property should prove to be a nice compliment to the buyer’s existing portfolio,” noted Talone.
Kristopher Wood and John Banas, Directors in Marcus & Millichap Capital Corporation’s Philadelphia office, arranged the financing. “Victoria Arms was originally being marketed as a loan assumption due to a six-figure prepayment penalty. However, we were able to arrange financing for the borrower with a rate so low that it made sense for them to pay the seller’s prepayment penalty. Banks continue to lend very aggressively for stable multifamily deals with strong borrowers,” noted Wood.
Victoria Arms Apartments is located at 1333 Darby Road in Havertown, PA. The property was built in 1926 and consisted of studio and one bedroom apartments. The seller had renovated over thirty five of the kitchens and was maintaining occupancy in the mid to high 90 percent range.
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.