Just Closed: Lehigh Valley Asset Trades Hands for $3.6 Million
Victory Estates – Located in Slatington, Pennsylvania – Traded in December 2016 for $3.6 million.
SLATINGTON, PA, December 19, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Victory Estates, a 58-unit multifamily community located in Slatington, PA. The $3.6 million sales price equates to approximately $62,069 per unit.
“The Lehigh Valley boasts a stable rental market,” said Clarke Talone, Vice President Investments. “The strong fundamentals in the Valley, combined with today’s low interest rate environment, should lead to continued high demand for quality assets such as Victory Estates.”
Talone, along with Ridge MacLaren and Andrew Townsend, all of whom are investment specialists in the firm’s Philadelphia office, represented the seller, a private partnership who owned the asset for over 35 years.
The buyer, a long-term Lehigh Valley private investor, was procured by Mark Krantz, Associate, and Derrick Dougherty, Vice President Investments. Brenton Baskin, Regional Manager, is Marcus & Millichap’s broker of record in Pennsylvania.
“The buyer, looking to grow his multifamily portfolio in the Lehigh Valley area, was very motivated by Victory Estates – A stable investment with strong historical occupancy” said Krantz, a member of the firm’s top retail team, TZD Retail. Krantz was able to leverage the firm’s brokerage platform and connect his client, an owner of retail properties, across product types, to multifamily investment properties.
Victory Estates was constructed in 1977 and features a mix of two- and three-bedroom townhomes and garden-style units. Every unit features a full-size kitchen, washer and dryer, and central-air. The property is located in Slatington, Pa., just 13 miles north of Allentown.
Marcus & Millichap Releases 3rd Quarter Multifamily Research Market Report
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.
Clarke Talone Speaks at Philadelphia Commercial Forecast Summit
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?
Clarke Talone to Speak at Mid Atlantic Real Estate Journal Event
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.
MacLaren • Talone • Townsend in the News: 2nd Residential Tower Planned at East Market Development Site
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.