PHILADELPHIA, PA, May 19, 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 two multifamily properties totaling 8 units, located in Center City Philadelphia, PA, according to Brenton James Baskin, regional manager of the firm’s Philadelphia office. The assets sold for $1,350,000.
Clarke Talone, Andrew Townsend and Philip Sharrow, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the properties on behalf of the seller, an individual/personal trust. The buyer, a private investor, was secured and represented by Philip Sharrow, Clarke Talone and Andrew Townsend, investment specialists in Marcus & Millichap’s Philadelphia office.
The properties are located at 118 North Lambert Street and 2036 Race Street in the popular Logan Square section of Philadelphia, PA. “Both properties hold a young professional tenant base with zero vacancies. Rents were slightly below market. Also, with the ability to upgrade units, bidders immediately saw the upside. With that upside present combined with the current strength of the market, the seller understood there was no better time to capitalize and liquidate,” said Philip Sharrow.
About Marcus & Millichap (NYSE: MMI)
With nearly 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