Yearly Archives: 2018

Marcus & Millichap is pleased to present for sale The Flats at 31 Brewerytown – 114 new construction units located in the Brewerytown neighborhood of Philadelphia.

PHILADELPHIA, PA – A large multifamily asset in one of Philadelphia’s most active up-and-coming neighborhoods, Brewerytown, is being offered for sale by Marcus & Millichap.

The Flats at 31 Brewerytown is a 114-unit Class A apartment building that was constructed in two phases from 2014-2015. The property features spacious one- and two-bedroom apartments and townhomes, all of which have modern high-end finishes. There is a ten-year tax abatement until December 2024 and January 2026.

Marcus & Millichap Philadelphia’s Andrew Townsend, first vice president investments, along with partners, Ridge MacLaren, senior vice president investments, Clarke Talone, first vice president investments, and Will Riter, associate, are exclusively representing the seller, Westrum Development Company. Westrum is a leading residential real estate developer in the area, that spearheaded the revitalization of Brewerytown.

Notably, the property features a 1:1 ratio of off-street parking, as well as attached garages. The spacious units average 883 square feet in size, which is larger than comparable luxury buildings in the submarket. Units feature gourmet kitchens with granite, stainless steel appliances, 9-foot ceilings, in-unit washer/dryer, and contemporary track lighting. Rents at the property are $1.73 per square foot, which is well below the average in the market. This is a major draw for tenants looking to live the city lifestyle in a highly desirable location at a lower cost, in comparison to similar Center City neighborhoods. Due to the low rent per square foot and current occupancy of 96 percent, The Flats at 31 Brewerytown is primed for future rent growth as the area continues to mature and thrive.

The rapidly developing neighborhood of Brewerytown is ideally situated minutes from the Schuylkill Expressway (Interstate-76), just north of Center City. The neighborhood is bordered by Fairmount Park to the west, as well as the neighborhood of Fairmount to the south, home to Philadelphia’s world-class art museums. The Flats at 31 Brewerytown is walking distance to a brand-new Aldi grocery store, numerous dining and nightlife options, as well as the Philadelphia Zoo. Public transportation is a short walk away, including SEPTA bus routes and SEPTA Route 15, a heritage streetcar line that runs through the neighborhood and connects to Girard Station, which provides easy access to Center City via a ten-minute subway ride.

Click here to view additional details about this listing, or give us a call at 215-531-7020.

 • • •

About Marcus & Millichap (NYSE: MMI)

With over 1,800 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 nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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 is pleased to announce the sale of the Country View Townhomes – 12 units located in York, Pa.

YORK, Pa., August 31, 2018 – 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 Country View Townhomes, 12 townhomes located at 2-14 Tate Way in York, Pa. The multifamily asset sold for $1,846,300.

Will Riter, associate, Andrew Townsend and Clarke Talone, both first vice president investments, and Ridge MacLaren, senior vice president investments in Marcus & Millichap’s Philadelphia and Wynnewood offices, facilitated the transaction and represented the buyer, a limited liability company.

“Since its construction in 2007, the Country View Townhomes have experienced low turnover and strong occupancy,” said Riter. “Due to the lack of inventory in the market, there is high demand for assets of this kind, resulting in an aggressive price per unit, but still allowing a strong return for the buyer.”

The Country View Townhomes are in York County, adjacent to the York Township Park and York Area Regional Police Station. The 12 townhomes are comprised of three-bedroom/two-and-a-half bathroom units.

 • • •

About Marcus & Millichap (NYSE: MMI)

With over 1,800 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 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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 3rd Quarter Multifamily Research Market Report for the Philadelphia Metro Area has been released. High rents in the urban core are prompting more renters to look toward the suburbs, improving performance in those areas. The high demand in suburban submarkets is luring more developers away from the downtown, to areas that have not seen as many deliveries in recent years.

Click the link below to view the full report. If you would prefer to view a hard copy of the report, or if you would like to view a report for a market other than Philadelphia, please give us a call at 215-531-7019.

Marcus & Millichap Releases 3rd Quarter Multifamily Research Market Report

MacLaren · Talone · Townsend’s sale of the Residence at Overbrook has been featured in the most recent issue of The Apartment Report, a national publication that is compiled by Crittenden Research. The Residence at Overbrook is a 127-unit property in Philadelphia that was formerly master-leased to Saint Joseph’s University. The sale of the property for $13M is especially notable, as the property was vacant following the expiration of the master lease. The buyer now has the opportunity to perform value-add renovations while the property is vacant.

Per Crittenden Research’s website, The Apartment Report provides “thorough updates of the busiest developers, buyers, management firms, lenders and equity partners. Amenities, marketing, investment and lending operations, acquisitions, development, and location trends are just some of the key areas The Apartment Report exhaustively covers–Information that’s all obtained first hand by Crittenden’s Multifamily Reporter.”

Click here to view the most recent issue of The Apartment Report.

Marcus & Millichap is pleased to announce the sale of Residence at Overbrook – A 127-unit property in the Overbrook Farms neighborhood of Philadelphia.

PHILADELPHIA, June 27, 2018 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Residence at Overbrook, a 127-unit apartment complex featuring studio, one-bedroom, and two-bedroom units, located in the Overbrook Farms neighborhood of Philadelphia, Pa. The asset sold for $13,026,478, equating to about $102,570 per unit.

Clarke Talone, Andrew Townsend, and Ridge MacLaren, 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, who owned the property since 2014. The buyer, a local private developer with experience and a track record in the neighborhood, was secured and represented by Talone, MacLaren and Townsend.

“This property presented a unique investment opportunity, as the building’s master-lease to Saint Joseph’s University expired in May 2018,” said Talone. “Many investors were attracted by the ability to immediately renovate units in a building with scale in a strong submarket. The building will generate tenant demand from the thriving submarket, with demand drivers such as Saint Joseph’s University, Lankenau Hospital, and the concentration of office buildings in nearby Bala Cynwyd.”

Residence at Overbrook is located at 6358 Lancaster Avenue and 6312 Sherwood Road in Philadelphia, Pa. Situated near Saint Joseph’s University and City Avenue, the property is just a short walk from the Overbrook stop on SEPTA’s Paoli-Thorndale regional rail line.

The seller recently put capital improvements in the property, including updating the lobbies and hallways, and upgrading more than 20 bathrooms. Numerous properties in the area have capitalized on the area’s demand, and are achieving higher rents after undergoing renovation programs.

 • • •

About Marcus & Millichap (NYSE: MMI)

With over 1,800 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 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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. Healthy rental demand has prompted substantial downtown construction, as vacancy moves up. Rents are on the rise, especially among luxury spaces.

Click the link below to view the full report.

Marcus & Millichap Releases 2nd Quarter Multifamily Research Market Report

Marcus & Millichap is pleased to announce the sale of the Fishtown Portfolio – 15 units in the Fishtown neighborhood of Philadelphia.

PHILADELPHIA, Pa, April 30, 2018 – 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 Fishtown Portfolio, a 15-unit apartment portfolio located in Philadelphia, Pa. The asset sold for $1,528,000, equating to more than $100,000 per unit.

Andrew Townsend, Clarke Talone, Joseph Sutow and Ridge MacLaren, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the portfolio on behalf of the seller, who owned the properties for more than a decade. With four offers on the table, ultimately the buyer was a private real estate investment group, who was secured and represented by Sutow, Townsend, Talone and MacLaren, as well.

“New ownership plans to initiate a renovation plan and upgrade the units to meet market rent in the neighborhood,” said Sutow. “Located in an area with considerable rent growth, there is a tremendous opportunity to enhance value and increase revenue.”

Fishtown Portfolio is located at 1417-1419 East Columbia Avenue and 1243 East Susquehanna Avenue in Philadelphia, Pa. The Fishtown neighborhood has emerged as Philadelphia’s epicenter of action with a wide selection of bars, restaurants, music venues, and galleries. Once known as a gritty pocket of the city, Fishtown now has a forward-thinking mentality led by its young professionals and long-time residents. Accessibility to subways and highways makes properties in this neighborhood popular for commuters seeking a lower cost of living than Center City.

 • • •

About Marcus & Millichap (NYSE: MMI)

With over 1,800 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 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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 is pleased to announce the sale of Grey Friars Terrace – 78 units located in Chalfont, Pa.

CHALFONT, Pa, April 20, 2018 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Grey Friars at Chalfont, an apartment complex comprised of 26 one-bedroom/one-bath units, and 52 two-bedroom/one-bath units located in Chalfont, Pa. The asset sold for $10,692,000.

Ridge MacLaren, Clarke Talone, Andrew Townsend, and Daniel Bernard, investment specialists in Marcus & Millichap’s Philadelphia office, facilitated the transaction and represented the buyer, a limited liability company.

“Presently, there is limited quality inventory in the Bucks County market,” said Talone. “Buyers remain aggressive and are extremely eager to deploy capital.”

Grey Friars at Chalfont is located at 4106 Grey Friars Terrace in Chalfont, Pa. The 78-unit garden-style apartment complex is comprised of eight 2-story buildings set on 8.89 acres.

“The buyer intends to implement a unit renovation plan,” added Talone. “Due to the strength of the location, there is significant rental upside with upgraded kitchens and bathrooms.”

Chalfont is a very desirable location in Bucks County, with easy access to highways US 202 and PA 309. Regional rail service into Center City Philadelphia is located less than five minutes away at Chalfont Station.

 • • •

About Marcus & Millichap (NYSE: MMI)

With over 1,800 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 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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 1st Quarter Multifamily Research Market Report for the Philadelphia Metro Area has been released. The city of Philadelphia’s favorable outlook, influenced by recent corporate expansions and a collection of well-regarded universities, continues to draw investors to the market. Fewer listings are prompting an increase in syndicate activity among the buyer pool as investors pull capital to finalize deals, contributing to a general appreciation in sales prices.