General News

Team member Andrew Townsend was quoted in a Philadelphia Inquirer article published November 29, 2017. Pearl Properties is scaling down its apartment tower project on the Rittenhouse Square-area property where the Boyd Theatre’s ornate auditorium once stood, as Center City faces an abundance of high-end rental housing. Still, the project’s location near Rittenhouse Square bodes well for the project in its shrunken form, said Townsend.

Read more about the new plans for the Boyd Theatre site on Philly.com

The Crestbury Apartments – 392 units located in Camden, NJ – were recently sold by Marcus & Millichap for $34.45 million.

The sale of the Crestbury Apartments was featured in the November 10-23, 2017, edition of the Mid Atlantic Real Estate Journal. Andrew Townsend, Ridge MacLaren, and Clarke Talone had the exclusive listing to market the property on behalf of the seller. Crestbury Apartments is a 392-unit multifamily property located in Camden, NJ, and sold for $34.45 million.

Click here to view the article on MAREJournal.com

Marcus & Millichap is pleased to announce the sale of Brenton Hall and Hampden Manor – Both located on the Main Line in Narberth, PA.

Brenton Hall and Hampden Manor in Narberth, PA

NARBERTH, Pa., November 17, 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 2 apartment buildings, Brenton Hall and Hampden Manor, located in Narberth, Pa. 

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 properties on behalf of the seller and procured the buyer.

Brenton Hall is located at 115 North Essex Avenue in Narberth, Pa. The three-story, mid-rise building was constructed in 1926 with vast capital improvements, including common area upgrades, new signage, fresh paint, new lighting/fixtures, and modern kitchens. The unit mix in the building is comprised of studio and one-bedroom apartments.

Hampden Manor is located at 325 Haverford Avenue in Narberth, Pa. The two-story, low-rise building was constructed in 1963 with vast capital improvements, including new windows and sliding doors throughout, conversion to natural gas, and new exterior paint and signage. The unit mix in the building is comprised of one- and two-bedroom apartments.

“This offering generated a tremendous amount of interest due to the prime Narberth location,” states Talone. “Apartment buildings rarely trade on the Main Line, so when quality assets like Brenton Hall and Hampden Manor come to market, there is competition from buyers both locally and regionally.”

An intensive marketing campaign generated 24 property tours and 13 offers, and attracted a buyer from outside the market. A spokesperson for the seller praised the sales team and noted, “Talone and his team understood how to market the unique qualities of this property to bring us many attractive offers and a serious buyer. With an appreciation and understanding of both buyer’s and seller’s priorities, they brought this deal to a successful closing.”

Talone added, “The out-of-state buyer was drawn to the buildings due to their great condition and the future rent growth that they will achieve. This should prove to be an outstanding addition to their portfolio from a stability and long-term appreciation standpoint.”

Brenton Hall and Hampden Manor are situated near the heart of downtown Narberth, Pa. The properties are just a short walk to the Narberth Train Station, which provides regular service to Center City Philadelphia in less than 20 minutes.

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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 4th Quarter Multifamily Research Market Report for the Philadelphia Metro Area has been released. The Philadelphia apartment market is seeing investment activity pick up as buyers seek higher yields. The multifamily sector remains strong in the face of headwinds, while downtown luxury units are dominating the pipeline.

Marcus & Millichap is pleased to announce the sale of Crestbury Apartments – 392 units located in Camden, NJ.

Camden, NJ, September 26, 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 the Crestbury Apartments, a 392-unit multifamily property located in Camden, New Jersey, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $34,450,000 or just under $88,000 per unit.

Andrew Townsend, Ridge MacLaren, and Clarke Talone, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, Brick, NJ-based Tryko Partners. An affiliate of Lincoln Avenue Capital LLC from New York City, a leading owner and developer of low-income housing properties nationwide, purchased the asset free and clear of debt.

“The property just participated in the RAD (Rental Assistance Demonstration) program and received a new 20-year subsidy contract,” said Townsend. “The seller recently upgraded the flooring, windows, roofs, and boilers throughout the property, which made it very attractive and a great long-term investment.”

In fact, after purchasing Crestbury Apartments in 2013, Tryko Partners invested $3.6 million in capital improvements. This included the incorporation of an innovative, high-tech security initiative in conjunction with the Camden Police Department; a playground; and updated lighting, landscaping and sidewalks.

“We are seeing a tremendous amount of interest in well-maintained workforce housing, both market rate and affordable, in South Jersey due to solid economic drivers and its proximity to Philadelphia,” added MacLaren.

The 392 apartments are a mixture of one- and two-bedroom units. The Crestbury is situated on over 18 acres at 2552 South 8^th Street in Camden, New Jersey. The property is minutes from both the Walt Whitman and Ben Franklin Bridges as well as Cooper Hospital, Campbell’s Soup Headquarters, and the Camden Waterfront.

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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

Eastridge Apartments is a 108-unit garden-style apartment community in Harrisburg, PA. The asset sold in August 2017 for $6,900,000.

HARRISBURG, Pa., August 31, 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 Eastridge Apartments, a 108-unit multifamily property located in Harrisburg, Pa., according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $6,900,000.

Ridge MacLaren, Andrew Townsend and Clarke Talone, 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 team of agents received more than ten offers for the asset and ultimately procured an out-of-market buyer, a private partnership that participated in a 1031 exchange.

“The property features a 20-year family Housing Assistance Payments (HAP) contract on 98-percent of the units expiring in 2024,” said Townsend. “The seller had renovated the property in 2003 under the Low-Income Housing Tax Credit (LIHTC) program and received Pennsylvania Housing Finance Agency (PHFA) weatherization grants in 2013, which included new insulation, refrigerators, lighting, thermostats and other improvements.”

“There is still a tremendous amount of interest in well-maintained properties in strong locations, even in secondary markets,” added Talone. “Our buyer took advantage of strong agency debt, which allowed them to pay an aggressive price while still achieving strong returns.”

The 108 apartments are a mixture one-, two-, and three-bedroom units. Eastridge Apartments is situated on seven acres at 102 Worcester Ave in Harrisburg.

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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 3rd Quarter Multifamily Research Market Report for the Philadelphia Metro Area has been released. The Philadelphia apartment market is seeing tight vacancy in the suburbs, as deliveries are concentrated in Center City. As apartment deliveries are anticipated to peak in 2017, a healthy pace of absorption continues in the second half, keeping apartment vacancy historically low.

Marcus & Millichap recently traded a 20,100 SF mixed-use asset in Lansdale, PA. The sale included two properties, totaling 14 apartments and four commercial spaces.

LANSDALE, Pa., June 30, 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 303-305 West Main Street and 306 Madison Avenue, a 20,100-square foot mixed-use asset located in Lansdale, Pa.

Daniel Bernard and Philip Sharrow, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller.  The pair along with Andrew Townsend, first vice president investments, procured the buyer.  Brenton Baskin served as Marcus & Millichap’s broker of record in Pennsylvania.

“This was a win-win for our buyer and seller,” says Sharrow. “The seller took advantage of the market’s cap rate compression due to the low interest rate environment. The seller will now complete a 1031 exchange and ultimately double his cash flow. The buyer bought into Lansdale’s progressive submarket that and will capture the appreciation that adjacent developments will drive.”

The sale included 303-305 West Main Street and 306 Madison Avenue in downtown Lansdale, Pa., totaling 14 apartments and four commercial spaces. In 2013 the owner completed the 306 Madison Avenue addition, adding ten apartments and one commercial unit. Following the addition, half of the older apartments were extensively renovated. The new and renovated units feature stainless steel appliances, granite counter tops, in unit washer/dryer combinations and hardwood flooring. The buyer plans to continue the renovation process to increase cash flow.

“Lansdale is experiencing a revitalization with several new developments in the pipeline,” adds Bernard. “Investors see the demand for an urban lifestyle in downtown Lansdale. Tenants seek luxury apartments, restaurants, shops and entertainments within a walkable city.”

• • •

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

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.”

• • • 

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.