CLOSED March 2014: Charter Court at East Falls | Philadelphia, PA
PHILADELPHIA, March 5, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Charter Court at East Falls, a 502 unit high-rise apartment complex in Philadelphia’s East Falls neighborhood. The $47,250,000 sales price equates to $94,124 per unit.
Clark Talone and Andrew Townsend, senior associates, along with Ridge MacLaren, first vice president investments, all in Marcus & Millichap’s Philadelphia office, represented the seller, Resource Real Estate. Talone, MacLaren and Townsend also advised the buyer, Treetop Development. Mark Thomson and Zachary Pierce, formerly of Marcus & Millichap, also participated on the deal team.
“The Charter Court sale typifies the strength of the multifamily market in Philadelphia today. Buyers from North Jersey recognized the ability to grow rents significantly in the hot East Falls neighborhood,” noted MacLaren. “Treetop took advantage of the opportunity to acquire immediate scale in a thriving location. The property’s strong current occupancy will generate cash flow while they embark on their $7 million renovation program,” added Talone.
The property is located in a quiet, tree-lined setting at 5450 Wissahickon Avenue in Philadelphia, two blocks from the Queen Lane Southeastern Pennsylvania Transportation Authority (SEPTA) station, which provides easy access to Center City.
Charter Court at East Falls consists of two 11-story buildings, six commercial spaces, and two surface parking lots totaling 256 spaces and a 55-space parking garage. The unit mix is 85 studios, 243 one-bedroom units, 155 two-bedroom apartments, 10 three-bedroom units, two-four-bedroom units and one five-bedroom apartment. Shared amenities include a resort-style pool area with cabanas, a business center, a fitness center, pet spa and door attendant. The previous owner completed a nearly $5,000,000 renovation program that included upgraded amenities, common areas, hallways and many unit interiors. “Resource was rewarded by having a strong vision several years ago upon purchasing a distressed asset. They did a lot of the ‘heavy lifting’ and delivered a stable, improved property with significant upside to a strong sales market,” noted Townsend.
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With more than 1,100 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.
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