Kassia Pisklak

CLOSED September 2014: Glen Ridge | Allentown, PA

ALLENTOWN, PA, September 30, 2014 – 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 Glen Ridge Apartments, a 32-unit apartment property located in Allentown, PA, according to Brenton Baskin, regional manager of the firm’s Philadelphia office. The asset sold for $2,000,000.

Clarke Talone, Ridge MacLaren and Andrew Townsend, 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. The buyer, a limited liability company, was secured and represented by Clarke Talone, Ridge MacLaren, and Andrew Townsend.

“Glen Ridge was a value-add apartment deal that was delivered free and clear of debt. This is precisely what many investors are looking for in the market today. The ability to increase rents through unit upgrades is a very compelling story and it garnered significant interest here,” stated Talone.

“The buyer recognized the current rents had not been increased in years and were well below market levels. They took advantage of excellent bank financing available in today’s marketplace and should experience strong returns,” added Townsend.

The Glen Ridge Apartments is located at 801 East Turner Street in Allentown, PA. The property is a garden-style apartment community that was constructed in 1968, with a unit mix consisting of 4 studios, 21 two-bedroom units, and 7 three-bedroom units. The property closed within three months of listing.

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About Marcus & Millichap (NYSE: MMI)

With over 1,300 investment 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 6,600 transactions in 2013 with a value of approximately $24 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

CLOSED September 2014: Hanover Courts | Pottstown, PA

PHILADELPHIA, September 18, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Hanover Courts, a 92-unit apartment property located in Pottstown, PA, according to Brenton Baskin, regional manager of the firm’s Philadelphia office. The asset sold for $3,950,000.

Clarke Talone, Ridge MacLaren and Andrew Townsend, multifamily investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a regional limited liability corporation, was secured and represented by Andrew Townsend, Ridge MacLaren and Clarke Talone.

“Hanover Courts represented a value-add opportunity that many investors look for in today’s market. While the property was operating at above-market vacancy, many investors saw the chance to acquire a garden style apartment community in the 422 corridor with pitched roofs, private entrances, and central air for well below replacement cost,” stated Talone.

“The buyer recognized that with some repositioning and increased marketing efforts, Hanover Courts’ occupancy and rents could be brought more in line with the healthy Pottstown rental market,” added Townsend. “The buyers executed a smooth transaction in a timely manner. This should prove to be strong investment for them.”

Hanover Courts is located at 371 North Hanover Street in Pottstown, PA. The property is a garden-style apartment community that was constructed in 1965, with a unit mix consisting of 16 studios, 52 one-bedroom units, and 24 two-bedroom units. The marketing campaign generated 20 tours and 8 offers.

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About Marcus & Millichap (NYSE: MMI)

With over 1,300 investment 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 6,600 transactions in 2013 with a value of approximately $24 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

Wall Street firms this year have been enjoying a surge in fees from a robust crop of stock offerings, but underwriters that focus on public U.S. real estate investment trusts have largely been sitting out of the party.

The reason: Private investors are paying more for commercial property than public companies are willing to pay. As a result, private holders of real estate are more likely to sell property to private investors than through initial public offerings.

Click here to read the full article on WSJ.com

Philadelphia’s luxury rental market remains hot, despite recent ups and downs in the city’s for-sale housing market.

Economist Kevin Gillen, who tracks real estate in the region, said the rental market in and around Center City remains strong.

Click here to read the full article on Philly.com

Charter Court at East Falls sold for $47.25 million in March of 2014.

Earlier this month, MacLaren • Talone • Townsend represented both the seller and the buyer in the sale of Charter Court at East Falls. The property traded for $47.25 million, or $94,124 per unit. That is a profit of nearly $12 million since the property last sold in August 2011.

Click here to read the full article on Philly.com

A record-breaking number of new apartments hit the Center City market in 2013, with more slated for development in the future.

A record-breaking number of new apartments hit the Center City market in 2013, according to a report released Wednesday, March 19. This reflects a national trend as home buying has tightened and rental demand has risen in recent years.

Will there be sufficient demand to meet the ongoing surge by developers?

Click here to read the full article on Philly.com

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.

www.MarcusMillichap.com

CLOSED January 2014: Archview Apartments | Philadelphia, PA

PHILADELPHIA, PA, February 19, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of The Archview Apartments, a 20-unit apartment property located in Philadelphia, PA, according to Spencer Yablon, regional manager of the firm’s Philadelphia office. The asset sold for $2,200,000.

Clarke Talone, Ridge MacLaren and Andrew Townsend, investment specialists in Marcus & Millichap’s Philadelphia office, represented the seller, a partnership. The buyer, a local partnership, was also procured by Talone, MacLaren and Townsend.

“The Archview Apartments represented a highly sought after value-add opportunity,” noted Talone. “Due to its outstanding location in Manayunk near Main Street and the train station, the new owner will be able to significantly increase rents after a unit renovation program.”

The Archview Apartments is located at 108-110 Levering Street in Philadelphia, PA. Situated in the heart of the Manayunk, the historic building features 19 apartments and an office space. Archview was delivered free and clear of debt, allowing the purchaser to take advantage of the attractive financing available in the market. “The seller developed an excellent rental property in a very desirable location for tenants. At the time of the sale the property was fully occupied and in great shape,” added MacLaren.

Click here to view additional coverage of this sale by the Philadelphia Business Journal

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With more than 1,000 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.

www.MarcusMillichap.com

CLOSED February 2014: Carriage Club | Mt. Arlington, NJ

MOUNT ARLINGTON, NJ, February 18, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Carriage Club, a 105-unit apartment property located in Mount Arlington, NJ, according to Spencer Yablon, regional manager of the firm’s Philadelphia office. The asset sold for $18,625,000.

Ridge MacLaren, Andrew Townsend, Clarke Talone, Mark Thomson, Zachary Pierce and Steven Rutman, 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. The buyer, a limited liability company, was also secured and represented by the listing team. Michael Fasano, Broker, assisted in closing this transaction.

Carriage Club is located at 1 Hillside Drive in Mount Arlington, NJ. This 105-unit community was built in 2003. “The property is a stable asset, in impeccable condition with proven economic performance, within close proximity to New York City,” said MacLaren. “However, from a marketing perspective, it was a bit of a ‘tweener’ – Too small for the institutions and too big for the smaller private investors. We had to really work to find the right buyer for this deal,” he added. “The eventual buyer assumed an existing Freddie Mac loan, which was another challenge to overcome. Some potential investors were unwilling to explore the assumption process,” noted Talone. Carriage Club features the most luxurious amenity package within a 20-mile radius, including a clubhouse, indoor heated pool, state-of-the-art fitness center, billiard room, library, putting green, and much more.

Click here to view additional coverage of this sale on CoStar.com

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With more than 1,000 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.

www.MarcusMillichap.com