$16.9 Million HUD Property Sale Arranged by MacLaren • Talone • Townsend
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
MacLaren | Talone | Townsend Hosts 1031 Exchange Event
PHILADELPHIA, Pa., May 16, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, in conjunction with the MacLaren | Talone | Townsend team, hosted an informational seminar on “The 1031 Exchange: Explained” providing an overview of Section 1031 in commercial real estate.
The seminar was held on May 11, 2016 in Conshohocken, Pa. The featured speaker, Margo McDonnell, of 1031 Corp., gave an overview explaining the benefits of 1031 exchanges, the requirements of a successful exchange, as well as the tax consequences. McDonnell has over 22 years of experience in the 1031 industry and was awarded the “The Margo McDonnell Certified Exchange Specialist (CES) ® Perpetual Award for Outstanding Service” in 2010 by the CES® Certification Council.
“We consider ourselves advisors,” said Clarke Talone, senior associate at Marcus & Millichap. “The event was not only to network with our clients but we viewed it as an opportunity to provide them with information to help them grow their portfolio. Attendees undoubtedly found it very beneficial through Margo’s real deal stories and industry expertise.”
Other speakers included Marcus & Millichap’s Derrick Dougherty, senior associate, who gave examples of clients who have benefited from 1031 exchanges. “1031 exchanges are a strategy implemented by all types of investors.” said Dougherty. “In most cases, the investor is trading out of an asset with management component into a net leased deal where the tenant is responsible for the real estate taxes, insurance and CAM. We add value to our clients by understanding the rules and regulations under section 1031 and controlling a significant portion of the inventory in this part of the country. This increases the probability of a successful exchange for our clients to accomplish their goal of deferring their tax consequence and preserving their equity.”
Over 40 people were in attendance for the seminar, one of many informative networking events the team hosts each year.
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
You’re Invited: 1031 Exchange Seminar
You are invited to join us from 5:30 – 8 p.m. Wednesday, May 11, for an informative presentation about the 1031 exchange process. The seminar, hosted by MacLaren | Talone | Townsend, will provide a comprehensive introduction and overview. Hear directly from the experts about the value of engaging in this beneficial process.
EVENT DETAILS:
- Everyone welcome; Event will provide a comprehensive overview of the 1031 exchange process
- WHEN: Wednesday, May 11
- TIME: Cocktails and hors d’oeuvres beginning at 5:30 p.m.; Speaker will begin at 6 p.m.
- LOCATION: The Lucky Dog Saloon, 16 East 1st Avenue, Conshohocken, PA 19428
- RSVP: Please RSVP to Ridge MacLaren by sending an email to Ridge.MacLaren@marcusmillichap.com
- TOPICS TO BE COVERED: What is a 1031 exchange?; Explanation of the 1031 exchange process and time frames; Overview of the current triple net marketplace; What is the value of a 1031 exchange?; Real life 1031 exchange examples
- QUESTIONS? Give us a call at 215-531-7019
Along with apartment and triple net experts, representatives from Marcus & Millichap’s Capital Corp. will also be on hand. Don’t miss out on this fantastic opportunity for learning and networking!
Marcus & Millichap Releases 1st Quarter Multifamily Research Market Report
Marcus & Millichap’s 1st Quarter Multifamily Research Market Report has been released. Overall, the outlook of the Philadelphia apartment market continues to remain bright. Riding positive economic trends and an elevated tempo of household creation, the apartment sector in the Philadelphia metro has settled into a pattern of producing solid results for property owners. Despite initial concerns, recently delivered complexes have leased up well, barely disturbing marketwide trends.
Click the link below to view the full report.
Central PA is Hot!
Activity in Central Pennsylvania is hot, and MacLaren| Talone | Townsend is right in the middle of the action! In the last 6 months, The Team has closed more than 500 units in Central Pennsylvania, worth nearly $36 million.
If you want to be a part of this trend, give us a call today at 215-531-7000. We have successfully advised hundreds of clients with the formulation of long-term and short-term investment plans, focusing on buy, sell, hold, and refinance strategies.
Click here for details about one of our current listings in Central Pennsylvania: Mont Alto Village is a 59-unit property that was built in 2009, and is located in Mont Alto, PA.