Yearly Archives: 2014

Ridge MacLaren, Clarke Talone, and Andrew Townsend took part in “Movember” – An annual event during which participants grow moustaches during the month of November to raise awareness of men’s health issues.

Agents in Marcus & Millichap’s Philadelphia office participated in the month long event, which challenges men to grow moustaches to spark conversation and raise vital funds for its men’s health programs. To date, the Movember community has raised $559 million and funded more than 800 men’s health programs in 21 countries. This work is saving and improving the lives of men affected by prostate cancer, testicular cancer, mental health problems, and more.

The Movember Foundation runs the annual charity event, with the goal of “changing the face of men’s health.” Marcus & Millichap Philadelphia made a donation to the foundation at the end of the event. To learn more, click here to visit the official Movember website.

Marcus & Millichap’s 4th Quarter Apartment Research Market Report has been released. Overall, stable growth in the Philadelphia economy continues to drive demand as employers increase payrolls throughout the metro. Increased demand has lifted rents by 3.4% over the course of the year. The strong performance of the apartment sector in the area is expected to continue.

Click the link below to view the full report.

Philadelphia 4th Quarter Apartment Research Market Report

CLOSED October 2014: Queen Lane Manor | Philadelphia, PA

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.

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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

MacLaren • Talone • Townsend’s sale of Hanover Courts in Pottstown, PA, is featured in the most recent edition of the Mid Atlantic Real Estate Journal. Hanover Courts, a 92-unit apartment property, sold for $3.95 million.

Click here to read the full article on the Mid Atlantic Real Estate Journal’s website

CLOSED October 2014: Lehman Street Townhomes | Hershey, PA

HERSHEY, PA, October 10, 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 Lehman Street Townhomes, a 28-unit apartment property located in Hershey, PA, according to Brenton Baskin, regional manager of the firm’s Philadelphia office. The asset sold for $1,975,000.

Clarke Talone, Ridge MacLaren, Dana Newton, Fahd Malik and Andrew Townsend, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. “The seller of this property recognized the strength of the apartment market and took the opportunity to reposition their portfolio,” noted Talone.

Lehman Street Townhomes is located at 1750 Lehman Street in Hershey, PA. The property is a townhouse community that was constructed in 1988, with a unit mix consisting of 12 two-bedroom townhouses, and 16 three-bedroom townhouses. The marketing campaign yielded a motivated 1031 exchange buyer, who utilized new bank debt with excellent terms. The transaction closed approximately 2 weeks after the contract was signed. “Our marketing process yielded several property tours to local and regional investors. The ultimate buyer realized the stability of the rental market and was able to utilize attractive financing. They wasted no time in bringing the transaction to a successful closing and executed a smooth, quick transaction. The seller was ecstatic about our results, as well as our ability to execute a smooth transaction.” added Malik.

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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

CLOSED September 2014: Glen Ridge | Allentown, PA

ALLENTOWN, PA, September 30, 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 The Glen Ridge Apartments, a 32-unit apartment property located in Allentown, PA, according to Brenton Baskin, regional manager of the firm’s Philadelphia office. The asset sold for $2,000,000.

Clarke Talone, Ridge MacLaren and Andrew Townsend, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Clarke Talone, Ridge MacLaren, and Andrew Townsend.

“Glen Ridge was a value-add apartment deal that was delivered free and clear of debt. This is precisely what many investors are looking for in the market today. The ability to increase rents through unit upgrades is a very compelling story and it garnered significant interest here,” stated Talone.

“The buyer recognized the current rents had not been increased in years and were well below market levels. They took advantage of excellent bank financing available in today’s marketplace and should experience strong returns,” added Townsend.

The Glen Ridge Apartments is located at 801 East Turner Street in Allentown, PA. The property is a garden-style apartment community that was constructed in 1968, with a unit mix consisting of 4 studios, 21 two-bedroom units, and 7 three-bedroom units. The property closed within three months of listing.

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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

CLOSED September 2014: Hanover Courts | Pottstown, PA

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

Wall Street firms this year have been enjoying a surge in fees from a robust crop of stock offerings, but underwriters that focus on public U.S. real estate investment trusts have largely been sitting out of the party.

The reason: Private investors are paying more for commercial property than public companies are willing to pay. As a result, private holders of real estate are more likely to sell property to private investors than through initial public offerings.

Click here to read the full article on WSJ.com

Philadelphia’s luxury rental market remains hot, despite recent ups and downs in the city’s for-sale housing market.

Economist Kevin Gillen, who tracks real estate in the region, said the rental market in and around Center City remains strong.

Click here to read the full article on Philly.com