PHILADELPHIA, PA, October 27, 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 Queen Lane Manor, a 41-unit apartment property located in Philadelphia, PA, according to Brenton Baskin, regional manager of the firm’s Philadelphia office. The asset sold for $2,900,000.
Andrew Townsend, Clarke Talone, Ridge MacLaren and Fred Paisley, 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 partnership, was also procured by Talone, Paisley, MacLaren, and Townsend. “Queen Lane Manor is a great asset that performed well over the years for the sellers. Ultimately, they decided to capitalize on the strong multifamily sales market and transacted in order to reposition their portfolio,” noted Paisley.
“Queen Lane Manor consistently experienced strong demand and maintained its high occupancy due to its proximity to Drexel Medical College and the SEPTA train station. The buyers were attracted to the building due to the fact that was a turnkey asset with upside thanks to the strong East Falls location,” added Talone.
Queen Lane Manor is located at 2809 West Queen Lane in Philadelphia, PA. The property is a mid-rise apartment building that was constructed in 1932, with a unit mix consisting of 16 studios, 23 one-bedroom units, and 2 two-bedroom units. It is located directly opposite the Drexel University Medical Campus, and currently caters to medical students. The new ownership intends to renovate and reposition the asset, in order to attract younger working professionals in addition to students. Marcus & Millichap Capital Corporation arranged bank financing on the transaction.
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
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