EASTON, Pa., Dec. 17, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Lehigh Manor, a 75-unit garden style apartment complex located in Easton, PA, according to Brenton James Baskin, regional manager of the firm’s Philadelphia office. The asset sold for $4,715,000, over 99 percent of the original list price.
Ridge MacLaren, first vice president investments, Clarke Talone, senior associate, and Andrew Townsend, vice president investments, all in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, an out of state limited liability company who had owned the property for approximately 10 years. The buyer, a limited liability company, was also secured by Talone, MacLaren and Townsend. The team conducted over 10 tours and received 6 offers on the 2.48 acre property that closed for approximately $63,000 per unit.
“The amount of interest we saw on this property is evidence that investors searching for yield are willing to look into secondary markets to achieve their investment goals,” Talone said. “Due in part to its proximity to downtown Easton and major thoroughfares Routes 22 and 78, this mainly residential neighborhood has improved solidly over the years.”
Lehigh Manor, 95 percent occupied at the time of sale, is located at 600 E. Canal St in Easton, Pa. within the Lehigh Valley city of Easton and approximately one mile from the “Centre Square” downtown area. The apartment community, which includes 63 two-bedroom units and 12 three-bedroom units, received new windows, updated kitchens, and replaced roof during the seller’s ownership.
“This deal is an indicator that the market for apartment remains white hot, especially when properties are well maintained,” Talone concluded.
About Marcus & Millichap (NYSE: MMI)
With over 1,500 investment 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 7,600 transactions in 2014 with a value of approximately $33.1 billion. The company 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