Yearly Archives: 2017

Oak Gardens is a 30-unit garden-style apartment community in Doylestown, PA. The asset sold in June 2017 for $3,788,250.

DOYLESTOWN, Pa., June 28, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Oak Gardens, a 30-unit apartment building located in Doylestown, Pa. The asset sold for $3,788,250.

Clarke Talone, first vice president investments, Ridge MacLaren, senior vice president investments, and Andrew Townsend, first vice president investments, all within the firm’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller. The team also procured the buyer.

Oak Gardens is located at 355 North Street in Doylestown, Pa. The three-story, mid-rise building was constructed in 1950, and has undergone vast renovations, including new windows, new kitchens, a new heating system, and common area upgrades. The 30-unit building is comprised of one- and two-bedroom units.

“Oak Gardens generated a tremendous amount of investor interest due its excellent location within walking distance of the heart of Doylestown. The seller had completely renovated the property, positioning it nicely for the new owner,” states Talone. “[The buyer] should continue to experience strong occupancy and rent growth, given the property’s location and condition.”

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About Marcus & Millichap (NYSE: MMI)

With over 1,700 investment sales and financing 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 9,000 transactions in 2016 with a value of approximately $42.3 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

“Delayed marriages, an aging population and international immigration are increasing a pressing need for new apartments, to the tune of 4.6 million by 2030,” according to a new study commissioned by the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA). The growing demand is due to an aging population, immigration, and declining home purchases.

Click here to view the complete article on the NAA website.

Bethlehem Apartments is a 24-unit garden-style apartment community in Bethlehem, PA. The asset sold in June 2017 for $2,040,000.

BETHLEHEM, Pa., June 5, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Bethlehem Apartments, a 24-unit garden-style apartment community in Bethlehem, Pa. The asset sold for $2,040,000.

“The new owner plans to continue a renovation program on the apartments to meet competitive rents in this submarket of Bethlehem,” says Daniel Bernard, an associate in the firm’s Philadelphia office.

Bernard, teamed with Ridge MacLaren, senior vice president investments, Andrew Townsend, first vice president investments, and Clarke Talone, first vice president investments, all in the firm’s Philadelphia office, to market the property on behalf of the seller and procured the buyer. Brenton Baskin, served as Marcus & Millichap’s broker of record on the transaction.

Bethlehem Apartments is located at 1872 Livingston Street in Bethlehem, Pa., off of Stefko Boulevard. The apartment community consists of 24-units in eight buildings, a mix of studios and two-bedroom apartments.

“Demand for multifamily properties in the Lehigh Valley continues to outpace supply. We have seen a tremendous amount of capital looking for investments locally,” adds Talone.

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About Marcus & Millichap (NYSE: MMI)

With over 1,700 investment sales and financing 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 9,000 transactions in 2016 with a value of approximately $42.3 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

Marcus & Millichap’s 2nd Quarter Multifamily Research Market Report for the Philadelphia Metro Area has been released. The Philadelphia apartment market is off to a strong start in 2017, as job growth aids household formation, underpinning apartment demand.

Marcus & Millichap’s 2017 National Apartment Report has been released. The report predicts that healthy employment growth throughout the metro will support multifamily demand. In addition, strong operations and above-average yields are encouraging investment. Assets in Center City will receive the most investor interest, as its status as an employment hub and entertainment district draws a deep pool of renters. For more information about this, along with additional valuable market insight, take a look at the 2017 National Apartment Report. Call us today to discuss how we can assist you with your strategy.

Click the links to below to view the report.

2017 U.S. Multifamily Investment Forecast – Full Report

2017 U.S. Multifamily Investment Forecast – Philadelphia Page

The Philadelphia Multifamily Summit will be held from 8 a.m. to Noon on Thursday, February 2.

MacLaren | Talone | Townsend’s very own Clarke Talone will be speaking at the Philadelphia Multifamily Summit, presented by the Mid Atlantic Real Estate Journal. The summit will take place from 8 a.m. to Noon on Thursday, February 2, at the Hilton Philadelphia City Avenue.

Topics of discussion will include:

• 2017 Philadelphia Apartment Market Overview: State of the Industry
• Capital’s Comeback: The Evolution of Apartment Financing
• What’s the Future of Apartment Investments in Philadelphia
• Building a Successful Project from Start to Finish

Clarke, a Director at Marcus & Millichap, will be speaking about the future of apartment investments in Philadelphia. CAP Rates, evaluating properties in today’s marketplace, the economy and housing market, ideas to help improve yield, and growing trends in the industry are just some of the topics that will be covered in this segment.

This informative summit is a fantastic opportunity for those involved in the Philadelphia Apartment Market to gain a firm understanding of what to expect in 2017. The summit will adjourn at Noon, with the opportunity for networking with others in attendance.

Click here to register today!

Marcus & Millichap’s 4th Quarter Multifamily Research Market Report for the Philadelphia Metro Area has been released. The Philadelphia apartment market is poised for another solid year as the expanding local economy intensifies demand for apartments, enabling rent hikes and keeping vacancy low amid a flood of development.