Yearly Archives: 2013

CLOSED August 2013: River Club | Claymont, DE

CLAYMONT, DE, August 28, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of River Club, a 90-unit apartment property located in Claymont, DE, according to Spencer Yablon, regional manager of the firm’s Philadelphia office. The asset sold for $4,750,000.

Ridge MacLaren, Andrew Townsend, and Clarke Talone, 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 limited liability company, was secured and represented by MacLaren, Townsend and Talone. Spencer Yablon, Broker, assisted in closing this transaction.

River Club is located at 7807 Governor Printz Blvd in Claymont, DE. This 90-unit property, built in 1989, has 83 one-bedroom one-bath units and 7 two-bedroom two-bath units.

River Club is a 55+ community, which features a sundeck overlooking the Delaware River, a fitness center, a cyber café and a gaming room.

“River Club was a value-add opportunity in a strong rental market”, noted MacLaren. “Our marketing process generated a tremendous amount of activity and produced several strong offers from qualified buyers. Ultimately, the buyer that was selected closed at list price in under 45 days.”

•••

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

Contact us for a complete analysis of the future of interest rates. When you are ready, we will sit down with you in person and help you understand how these trends apply to your current situation and future objectives.

MultiFamilyExecutive.com posted a detailed article regarding the recent rise in interest rates.

Click here to read the full article on MultiFamilyExecutive.com

There are several apartment projects either planned for construction or already under construction on the Main Line. Not everyone believes there are enough tenants to warrant all of the new dwellings, however, hospital workers, college students, and Philadelphia residents who want to enroll their children in the desirable Lower Merion public schools have been flocking to the suburbs.

Click here to read the full article on Philly.com

CLOSED April 2013: Pine Hill Apartments | Elkton, MD

ELKTON, MD, April 30, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has sold Pine Hill Apartments, a 97 unit multi-family property in Elkton, Maryland. The total price for the asset was $5,875,000, which equates to approximately $60,000 per unit.

The multifamily brokerage team of Mark Thomson and Zachary Pierce along with the team of Ridge MacLaren, Clarke Talone and Andrew Townsend forged a collaborative marketing effort on behalf of the seller, a Delaware limited liability company. The buyer, also procured by the listing team, was a regional limited liability company.

“Pine Hill is a very well-maintained community in the desirable Elkton rental market.  It had a history of high occupancy and should continue to be a strong performer for the purchaser,” noted Pierce.

“Our two teams collaborated to execute an extensive marketing effort and exposed the property to a broad range of qualified buyers,” MacLaren says.  “Ultimately, our process yielded a buyer that was qualified to assume the loan in a smooth, expeditious manner,” he added.

Pine Hill Apartments, located in Elkton, Maryland, consists of a mix of spacious one and two bedroom units totaling 97 units. The property has no deferred maintenance and had recently undergone capital improvements including new windows, new sliders, and replacement and conversion of 5 of the 6 oil fired boilers to higher efficiency gas-fired boilers.  The sale included the assumption of agency debt.

All of the agents involved congratulate the seller on this sizable and timely sale of the property.

•••

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 5,085 transactions in 2011, 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

PHILADELPHIA, PA, February 1, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Edgewood Manor, a 49 unit Apartments property located in Philadelphia, PA, according to Spencer Yablon, Vice President/Regional Manager of the firm’s Philadelphia office. The asset commanded a sales price of $350,000.

Andrew Townsend, Clarke Talone 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 partnership.  The buyer, a limited liability company, was secured and represented by Fred Paisley and Dana Newton, investment specialists in Marcus & Millichap’s Philadelphia office.

Edgewood Manor is located at 1500-1510 Allegheny Avenue.

•••

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 5,085 transactions in 2011, 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

CLOSED January 2013: The Crestbury | Camden, NJ

CAMDEN, NJ, January 18, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has sold a multifamily property totaling 392 units in Camden. The asset was delivered free and clear of debt. The sales price is $16.1 million.

The multifamily brokerage team of Ridge MacLaren, Andrew Townsend and Clarke Talone had the exclusive listing and forged a marketing effort on behalf of the seller, a New Jersey-based limited liability company. The buyer, also procured by the listing team, was Tryko Partners LLC of Brick, N.J.

“The buyer received excellent financing on this low-income property,” says Townsend. “The new owner plans to make substantial capital improvements including new windows, boilers, kitchens, bathrooms and landscaping, which will vastly improve quality of life for the tenants.”

“The buyer and seller worked together to navigate through bureaucratic issues, including a challenging assumption of a payment in lieu of taxes (PILOT) agreement,” adds MacLaren. “We congratulate both parties on a successful transaction that required tremendous patience and a degree of trust between the parties.”

The Crestbury is situated within a few miles of bridges heading into the city of Philadelphia. Built in 1950, it features one- and two-bedroom units overlooking a neighborhood park.

•••

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 5,085 transactions in 2011, 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