Just Closed: Lehigh Valley Asset Trades Hands for $3.6 Million
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.