Monthly Archives: February 2014

CLOSED January 2014: Archview Apartments | Philadelphia, PA

PHILADELPHIA, PA, February 19, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of The Archview Apartments, a 20-unit apartment property located in Philadelphia, PA, according to Spencer Yablon, regional manager of the firm’s Philadelphia office. The asset sold for $2,200,000.

Clarke Talone, Ridge MacLaren and Andrew Townsend, investment specialists in Marcus & Millichap’s Philadelphia office, represented the seller, a partnership. The buyer, a local partnership, was also procured by Talone, MacLaren and Townsend.

“The Archview Apartments represented a highly sought after value-add opportunity,” noted Talone. “Due to its outstanding location in Manayunk near Main Street and the train station, the new owner will be able to significantly increase rents after a unit renovation program.”

The Archview Apartments is located at 108-110 Levering Street in Philadelphia, PA. Situated in the heart of the Manayunk, the historic building features 19 apartments and an office space. Archview was delivered free and clear of debt, allowing the purchaser to take advantage of the attractive financing available in the market. “The seller developed an excellent rental property in a very desirable location for tenants. At the time of the sale the property was fully occupied and in great shape,” added MacLaren.

Click here to view additional coverage of this sale by the Philadelphia Business Journal

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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

CLOSED February 2014: Carriage Club | Mt. Arlington, NJ

MOUNT ARLINGTON, NJ, February 18, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Carriage Club, a 105-unit apartment property located in Mount Arlington, NJ, according to Spencer Yablon, regional manager of the firm’s Philadelphia office. The asset sold for $18,625,000.

Ridge MacLaren, Andrew Townsend, Clarke Talone, Mark Thomson, Zachary Pierce and Steven Rutman, 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 also secured and represented by the listing team. Michael Fasano, Broker, assisted in closing this transaction.

Carriage Club is located at 1 Hillside Drive in Mount Arlington, NJ. This 105-unit community was built in 2003. “The property is a stable asset, in impeccable condition with proven economic performance, within close proximity to New York City,” said MacLaren. “However, from a marketing perspective, it was a bit of a ‘tweener’ – Too small for the institutions and too big for the smaller private investors. We had to really work to find the right buyer for this deal,” he added. “The eventual buyer assumed an existing Freddie Mac loan, which was another challenge to overcome. Some potential investors were unwilling to explore the assumption process,” noted Talone. Carriage Club features the most luxurious amenity package within a 20-mile radius, including a clubhouse, indoor heated pool, state-of-the-art fitness center, billiard room, library, putting green, and much more.

Click here to view additional coverage of this sale on CoStar.com

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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