PHILADELPHIA, September 18, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Hanover Courts, a 92-unit apartment property located in Pottstown, PA, according to Brenton Baskin, regional manager of the firm’s Philadelphia office. The asset sold for $3,950,000.
Clarke Talone, Ridge MacLaren and Andrew Townsend, multifamily investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a regional limited liability corporation, was secured and represented by Andrew Townsend, Ridge MacLaren and Clarke Talone.
“Hanover Courts represented a value-add opportunity that many investors look for in today’s market. While the property was operating at above-market vacancy, many investors saw the chance to acquire a garden style apartment community in the 422 corridor with pitched roofs, private entrances, and central air for well below replacement cost,” stated Talone.
“The buyer recognized that with some repositioning and increased marketing efforts, Hanover Courts’ occupancy and rents could be brought more in line with the healthy Pottstown rental market,” added Townsend. “The buyers executed a smooth transaction in a timely manner. This should prove to be strong investment for them.”
Hanover Courts is located at 371 North Hanover Street in Pottstown, PA. The property is a garden-style apartment community that was constructed in 1965, with a unit mix consisting of 16 studios, 52 one-bedroom units, and 24 two-bedroom units. The marketing campaign generated 20 tours and 8 offers.
About Marcus & Millichap (NYSE: MMI)
With over 1,300 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 6,600 transactions in 2013 with a value of approximately $24 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