Just Closed: Senior/HAP Property in Troy, NY
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
Event Hosted by Team Featured on Mid Atlantic Real Estate Journal Website
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.
Jobs Growth Fuels an Already Hot Philly-Area Apartment Market
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.
Marcus & Millichap Releases 2nd Quarter Multifamily Research Market Report, Summer Outlook Reports
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
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.
Just Closed: 39 Units in West Reading
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:
- 39 Units in West Reading, Berks County, PA
- Large Loft-Style and Bi-Level Units
- Under Contract to Closing in Less Than 90 Days
- Walking Distance to Downtown Wyomissing’s Shops and Restaurants, as well as Reading Hospital and VF Outlet Center
For more information, contact:
- Andrew Townsend (Andrew.Townsend@marcusmillichap.com)
- Dan Bernard (Dan.Bernard@marcusmillichap.com)
- Or call 215-531-7000