maclaren

Marcus & Millichap’s 3rd Quarter Multifamily Research Market Report for the Philadelphia Metro Area has been released. The outlook of the Philadelphia apartment market continues to remain bright, as expanding payrolls and a respectable rate of household formation provide plenty of momentum to sustain a strong apartment sector in the Philadelphia metro in the near term. The strong performance of multifamily assets is reinforcing property values and maintaining a heightened level of transactions in the market.

Click the link below to view the full report.

Philadelphia 3rd Quarter Multifamily Research Market Report

Clarke Talone, second from left, served as a panelist at the Mid Atlantic Real Estate Journal’s 2016 Philadelphia Forecast event, held September 16 in Philadelphia.

MacLaren | Talone | Townsend team member Clarke Talone served as a panelist at the Mid Atlantic Real Estate Journal’s 2016 Philadelphia Commercial Forecast Summit, which took place September 16, at the Hilton Philadelphia City Avenue.

Clarke served as a panelist during the “Apartment Market/Multifamily Overview”. Topics in this segment included:

• What is driving the apartment and multifamily market, and where is it driving it?
• With vacancies at record lows, how does Philadelphia stack up compared to the rest of the U.S.?
• What are the outside influences that are creating momentum in the apartment market?
• How are apartment brokers getting deals done today?
• The changing fundamentals of apartments and multifamily?
• New development vs. existing: Where are the opportunities and why?

MacLaren | Talone | Townsend team member Clarke Talone will be serving as a panelist at the Mid Atlantic Real Estate Journal’s 2016 Philadelphia Commercial Forecast Summit, set for 8 a.m. to Noon on Friday, September 16, at the Hilton Philadelphia City Avenue.

Topics will include:

• Retail Update: Opportunities and Trends
• Opportunities in the Industrial Real Estate Market and Outlook for 2016/2017
• Evaluation of the Office Market and What Tenants Require Today
• Hotel and Hospitality Market Overview
• Apartment Market/Multifamily Overview

Clarke will be serving as a panelist during the “Apartment Market/Multifamily Overview”. Topics in this segment will include:

• What is driving the apartment and multifamily market, and where is it driving it?
• With vacancies at record lows, how does Philadelphia stack up compared to the rest of the U.S.?
• What are the outside influences that are creating momentum in the apartment market?
• How are apartment brokers getting deals done today?
• The changing fundamentals of apartments and multifamily?
• New development vs. existing: Where are the opportunities and why?

Register at MAREJournal.com.

Team member Andrew Townsend was quoted in a Philadelphia Inquirer article published August 24, 2016. A second residential tower is being planned at a development site at an East Market project in Center City, which will have an impact on the area. Currently a quiet-after-dark neighborhood, the planned residential tower will aim to turn it into a lively community of businesses, shops and homes.

“I think the highest and best use for that location is some sort of mixed-use over retail, which is what they’re doing,” said Townsend – Vice President of Investments at Marcus & Millichap. He went on to say that an office tower at the site would have been more difficult, because such projects generally require an anchor tenant to be in place before construction can begin.

Read more about the plans on East Market on Philly.com

Lansingburgh Apartments closed July 18, 2016 for $4,077,500.

PHILADELPHIA, July 18, 2016 – Marcus & Mililchap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Lansingburgh Apartments, a 96-unit senior/HAP property. The property closed for $4,077,500.

Lansingburgh Apartments sits on the eastern bank of the Hudson River, on 114th Street in Troy, Rensselaer County, New York. The property has 23 studio/one-bath HAP units, 72 one-bedroom/one-bath HAP units, and 1 one-bedroom/one-bath market rate unit. The HAP contract is on a 20-year agreement, expiring in 2023.

Built in 1920, the building features an elevator, laundry center, and clubhouse with great room. The building has controlled access, as well as an intercom system. Units feature fully equipped kitchens, self-controlled heat, and wall-to-wall carpeting. It is in a strong location, proximate to shopping, restaurants, and the local public library.

Property Highlights:

• 96-Unit Senior/HAP Property in Troy, NY
• Studio and One-Bedroom Units
• Controlled Access Elevator Building
• Located Just Outside of Albany, NY
• Less Than 3 Hours to Boston and New York City

For more information, contact:

• Andrew Townsend (Andrew.Townsend@marcusmillichap.com)
• Or call 215-531-7000

Margo McDonnell, of 1031 Corp., speaks about 1031 exchanges at the event held May 11, in Conshohocken.

Earlier this summer, MacLaren · Talone · Townsend hosted an informative 1031 exchange seminar for their clients. The Mid Atlantic Real Estate Journal recently featured the event on their website.

Click here to view the article on MAREJournal.com

Image courtesy of VisitPhilly.com

Steady employment growth over the last several quarters has created a large pool of renters and helped boost the fortunes of the Philadelphia region’s apartment market, real estate investment services firm Marcus & Millichap says. The increase in jobs – 60,000 new ones are anticipated by the end of 2016 – has resulted in the formation of 23,700 new households in the region over the last four quarters, the firm’s research shows. As a result of this increasing demand for rental apartments, developers are accelerating construction and permit activity for multifamily projects.

Click here to read the full article on Philly.com

Marcus & Millichap’s 2nd Quarter Multifamily Research Market Report for the Philadelphia metro area has been released, along with the Summer 2016 Multifamily Outlook Report and the Summer 2016 Economic Outlook Report.

Click the links below to view the full reports:

Philadelphia 2nd Quarter Multifamily Research Market Report

Summer 2016 Multifamily Outlook

Summer 2016 Economic Outlook

We welcome the opportunity to discuss these reports with you further, along with sharing market insight and information. Give us a call today at 215-531-7019.

CLOSED June 2016: Franklin Manor | Wyomissing, PA

PHILADELPHIA, June 14, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Franklin Manor, a 39-unit multifamily apartment building. The property sits on Franklin Street in West Reading, close to Reading Hospital and the VF Outlet Center. Franklin Manor has 29 one bedroom/one bath units, and 10 two bedroom/one bathroom units. The property closed for $2,350,000.

Property Highlights:

Brookside Terrace – 222 Units in Newton, NJ

NEWTON, N.J., June 7, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of Brookside Terrace, a 222-unit HUD property in Newton, New Jersey. The apartment complex consists of a 10-story high-rise building along with townhouses. Built in 1976 on 7.2 acres, the property is located at 33 Mill Street in Newton, one hour from Manhattan.

“This was an extremely complicated transaction that involved multiple state housing agencies and a conversion to the Housing and Urban Development’s RAD 2 program,” says Andrew Townsend, vice president investments in Marcus & Millichap’s Philadelphia office.  “We commend both the buyer and seller for their patience and hard work in getting this deal to the finish line.”

Townsend, along with Ridge MacLaren, first vice president investments and Clarke Talone, senior associate, both also in the firm’s Philadelphia office, represented the seller and procured the buyer. J.D. Parker, senior vice president – district manager, supervised the deal as the firm’s broker of record in New Jersey.

“We are seeing more and more apartment investors actively pursue HUD and Low Income Tax Credit opportunities as an alternative to market-rate apartments, which are highly competitive and typically have lower yields,” adds MacLaren. “Our team has built a 10-year track record of success in the affordable housing space in the Mid-Atlantic and Northeast. We currently have assets listed and under contract from North Carolina to New York and are actively pursuing new business.”

About Marcus & Millichap (NYSE: MMI)

With over 1,600 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 8,700 transactions in 2015 with a value of approximately $37.8 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