Monthly Archives: October 2013

CLOSED October 2013: Victoria Arms | Havertown, PA

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.

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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.

www.MarcusMillichap.com

Marcus & Millichap arranged the sale of Beechwood Gardens, a 160-unit apartment property located in Philadelphia, PA

PHILADELPHIA, PA, October 15, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Beechwood Gardens, a 160-unit apartment property located in Philadelphia, PA, according to Spencer Yablon, regional manager of the firm’s Philadelphia office. The asset sold for $13,000,000, which represents $81,250 per unit.

Clarke Talone, Ridge MacLaren, and Andrew Townsend, investment specialists in Marcus & Millichap’s Philadelphia office, facilitated the transaction between the seller, a New York based limited liability company and the buyer, a local limited liability company.

“Beechwood Gardens represented an excellent opportunity for the buyer to crack in to the strong, Northeast Philadelphia apartment market.  The sellers had done a great job of maintaining the property and were maintaining occupancy in the mid-to-high 90 percent range.” states Talone.

Beechwood Gardens is located at 9805 Haldeman Ave. in Philadelphia, with easy access to U.S. Route 1 and Interstate 95. Southeastern Pennsylvania Transportation Authority regional rail lines provide convenient transportation to CenterCity, Philadelphia.

Built in 1967 on 5.7 acres, BeechwoodGardens contains 80 one-bedroom and 80 two-bedroom apartments.  Over two thirds of the units had been renovated.  The buyer assumed an agency loan, with a rate higher than today’s market rates.  “This is indicative of the fact that buyers are eager to acquire quality multifamily assets.  Well-priced real estate in solid in-fill locations will continue to generate significant buyer interest in this market,” adds MacLaren.

Click here to read an article regarding the deal on GlobeSt.com

Click here to read an article regarding the deal from National Real Estate Investor

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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.

www.MarcusMillichap.com

MacLaren • Talone • Townsend was quoted in The Philadelphia Inquirer in an article regarding new apartments in West Philadelphia, aimed at students who are currently residing in University City.

“After spending nearly two years renovating a vacant Walnut Hill property, a student-housing developer and landlord hopes to entice denizens of University City to move deeper into West Philadelphia with discounted rental rates and free rides to class …”

Click here to read the full article on Philly.com

MacLaren • Talone • Townsend was quoted in The Philadelphia Inquirer in an article concerning development in the University City neighborhood of Philadelphia.

Click here to read the full article on Philly.com

CLOSED September 2013: Mill at McKeesport | McKeesport, PA

MCKEESPORT, PA, October 1, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of The Mill at McKeesport, a 70-unit apartment property located in McKeesport, PA, as well as the sale of Hill Café, a 27-unit apartment property located in Harrisburg, PA, according to Spencer Yablon, regional manager of the firm’s Philadelphia office. The assets sold for $1,685,000 and $500,078, respectively.

Clarke Talone, Andrew Townsend and Ridge MacLaren from Marcus & Millichap’s Philadelphia office, along with Charles Krushansky from the Pittsburgh office, had the exclusive listing to market Mill at McKeesport on behalf of the seller, a government agency. MacLaren, Talone, and Townsend also arranged the sale of Hill Café in between the seller, and the buyer, a local partnership.

The Mill at McKeesport is located at 551 6th Street in McKeesport, PA. Constructed in 1972, the property features 70 one-bedroom and two-bedroom units in five buildings. The property has recently undergone extensive interior and exterior renovations, and boasts a strong occupancy.  “This was a difficult transaction due to the depressed McKeesport economy,” stated Talone.  “The buyer of the asset recognized the strong current operations in the building and will be rewarded with yields not available in other submarkets for multifamily product.”

Hill Café is located at 1249 Market Street in Harrisburg, PA. This 27-unit building was built in 1900. It is located just one mile from the Pennsylvania State Capitol Building, as well as the shopping, dining and entertainment of Strawberry Square.  “Hill Café was an asset in downtown Harrisburg that needed significant renovation,” noted MacLaren. “The buyers plan to reposition the property to provide needed workforce housing to the Harrisburg community.”

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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.

www.MarcusMillichap.com