Yearly Archives: 2016

Victory Estates – Located in Slatington, Pennsylvania – Traded in December 2016 for $3.6 million.

SLATINGTON, PA, December 19, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Victory Estates, a 58-unit multifamily community located in Slatington, PA. The $3.6 million sales price equates to approximately $62,069 per unit.

“The Lehigh Valley boasts a stable rental market,” said Clarke Talone, Vice President Investments. “The strong fundamentals in the Valley, combined with today’s low interest rate environment, should lead to continued high demand for quality assets such as Victory Estates.”

Talone, along with Ridge MacLaren and Andrew Townsend, all of whom are investment specialists in the firm’s Philadelphia office, represented the seller, a private partnership who owned the asset for over 35 years.

The buyer, a long-term Lehigh Valley private investor, was procured by Mark Krantz, Associate, and Derrick Dougherty, Vice President Investments. Brenton Baskin, Regional Manager, is Marcus & Millichap’s broker of record in Pennsylvania.

“The buyer, looking to grow his multifamily portfolio in the Lehigh Valley area, was very motivated by Victory Estates – A stable investment with strong historical occupancy” said Krantz, a member of the firm’s top retail team, TZD Retail. Krantz was able to leverage the firm’s brokerage platform and connect his client, an owner of retail properties, across product types, to multifamily investment properties.

Victory Estates was constructed in 1977 and features a mix of two- and three-bedroom townhomes and garden-style units. Every unit features a full-size kitchen, washer and dryer, and central-air. The property is located in Slatington, Pa., just 13 miles north of Allentown.

Marcus & Millichap’s 3rd Quarter Multifamily Research Market Report for the Philadelphia Metro Area has been released. The outlook of the Philadelphia apartment market continues to remain bright, as expanding payrolls and a respectable rate of household formation provide plenty of momentum to sustain a strong apartment sector in the Philadelphia metro in the near term. The strong performance of multifamily assets is reinforcing property values and maintaining a heightened level of transactions in the market.

Click the link below to view the full report.

Philadelphia 3rd Quarter Multifamily Research Market Report

Clarke Talone, second from left, served as a panelist at the Mid Atlantic Real Estate Journal’s 2016 Philadelphia Forecast event, held September 16 in Philadelphia.

MacLaren | Talone | Townsend team member Clarke Talone served as a panelist at the Mid Atlantic Real Estate Journal’s 2016 Philadelphia Commercial Forecast Summit, which took place September 16, at the Hilton Philadelphia City Avenue.

Clarke served as a panelist during the “Apartment Market/Multifamily Overview”. Topics in this segment included:

• What is driving the apartment and multifamily market, and where is it driving it?
• With vacancies at record lows, how does Philadelphia stack up compared to the rest of the U.S.?
• What are the outside influences that are creating momentum in the apartment market?
• How are apartment brokers getting deals done today?
• The changing fundamentals of apartments and multifamily?
• New development vs. existing: Where are the opportunities and why?

MacLaren | Talone | Townsend team member Clarke Talone will be serving as a panelist at the Mid Atlantic Real Estate Journal’s 2016 Philadelphia Commercial Forecast Summit, set for 8 a.m. to Noon on Friday, September 16, at the Hilton Philadelphia City Avenue.

Topics will include:

• Retail Update: Opportunities and Trends
• Opportunities in the Industrial Real Estate Market and Outlook for 2016/2017
• Evaluation of the Office Market and What Tenants Require Today
• Hotel and Hospitality Market Overview
• Apartment Market/Multifamily Overview

Clarke will be serving as a panelist during the “Apartment Market/Multifamily Overview”. Topics in this segment will include:

• What is driving the apartment and multifamily market, and where is it driving it?
• With vacancies at record lows, how does Philadelphia stack up compared to the rest of the U.S.?
• What are the outside influences that are creating momentum in the apartment market?
• How are apartment brokers getting deals done today?
• The changing fundamentals of apartments and multifamily?
• New development vs. existing: Where are the opportunities and why?

Register at MAREJournal.com.

Team member Andrew Townsend was quoted in a Philadelphia Inquirer article published August 24, 2016. A second residential tower is being planned at a development site at an East Market project in Center City, which will have an impact on the area. Currently a quiet-after-dark neighborhood, the planned residential tower will aim to turn it into a lively community of businesses, shops and homes.

“I think the highest and best use for that location is some sort of mixed-use over retail, which is what they’re doing,” said Townsend – Vice President of Investments at Marcus & Millichap. He went on to say that an office tower at the site would have been more difficult, because such projects generally require an anchor tenant to be in place before construction can begin.

Read more about the plans on East Market on Philly.com

Lansingburgh Apartments closed July 18, 2016 for $4,077,500.

PHILADELPHIA, July 18, 2016 – Marcus & Mililchap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Lansingburgh Apartments, a 96-unit senior/HAP property. The property closed for $4,077,500.

Lansingburgh Apartments sits on the eastern bank of the Hudson River, on 114th Street in Troy, Rensselaer County, New York. The property has 23 studio/one-bath HAP units, 72 one-bedroom/one-bath HAP units, and 1 one-bedroom/one-bath market rate unit. The HAP contract is on a 20-year agreement, expiring in 2023.

Built in 1920, the building features an elevator, laundry center, and clubhouse with great room. The building has controlled access, as well as an intercom system. Units feature fully equipped kitchens, self-controlled heat, and wall-to-wall carpeting. It is in a strong location, proximate to shopping, restaurants, and the local public library.

Property Highlights:

• 96-Unit Senior/HAP Property in Troy, NY
• Studio and One-Bedroom Units
• Controlled Access Elevator Building
• Located Just Outside of Albany, NY
• Less Than 3 Hours to Boston and New York City

For more information, contact:

• Andrew Townsend (Andrew.Townsend@marcusmillichap.com)
• Or call 215-531-7000

Margo McDonnell, of 1031 Corp., speaks about 1031 exchanges at the event held May 11, in Conshohocken.

Earlier this summer, MacLaren · Talone · Townsend hosted an informative 1031 exchange seminar for their clients. The Mid Atlantic Real Estate Journal recently featured the event on their website.

Click here to view the article on MAREJournal.com

Image courtesy of VisitPhilly.com

Steady employment growth over the last several quarters has created a large pool of renters and helped boost the fortunes of the Philadelphia region’s apartment market, real estate investment services firm Marcus & Millichap says. The increase in jobs – 60,000 new ones are anticipated by the end of 2016 – has resulted in the formation of 23,700 new households in the region over the last four quarters, the firm’s research shows. As a result of this increasing demand for rental apartments, developers are accelerating construction and permit activity for multifamily projects.

Click here to read the full article on Philly.com

Marcus & Millichap’s 2nd Quarter Multifamily Research Market Report for the Philadelphia metro area has been released, along with the Summer 2016 Multifamily Outlook Report and the Summer 2016 Economic Outlook Report.

Click the links below to view the full reports:

Philadelphia 2nd Quarter Multifamily Research Market Report

Summer 2016 Multifamily Outlook

Summer 2016 Economic Outlook

We welcome the opportunity to discuss these reports with you further, along with sharing market insight and information. Give us a call today at 215-531-7019.

CLOSED June 2016: Franklin Manor | Wyomissing, PA

PHILADELPHIA, June 14, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Franklin Manor, a 39-unit multifamily apartment building. The property sits on Franklin Street in West Reading, close to Reading Hospital and the VF Outlet Center. Franklin Manor has 29 one bedroom/one bath units, and 10 two bedroom/one bathroom units. The property closed for $2,350,000.

Property Highlights: