The Apartment Bubble Myth
Historically low cap rates and artificially low interest rates are leading some to conclude there is a bubble in today’s apartment market. Multifamily Executive magazine has taken a closer look at what’s going on. Click here to view the complete article on the magazine’s website.
Marcus & Millichap Releases 2016 U.S. Multifamily Investment Forecast
Click the link below to view the full report. Specifics about the Philadelphia metro are available on Page 44 of the report.
Complimentary Multifamily Webcast: What to Look for in 2016
Join us on Tuesday, February 9 for an informative 60-minute live webcast. This presentation is essential for anyone involved in the multifamily market, and will feature the following Marcus & Millichap presenters:
- John S. Sebree – Vice President/National Director; National Multi Housing Group
- John Chang – First Vice President; Research Services
- Richard Kazenstein – Vice President/National Director; Marcus & Millichap Capital Corporation
The webcast will address the following topics:
- International uncertainty is shaking up Wall Street; Will contagion strike the economy?
- The Fed raised rates and is tightening monetary policy; Will interest rates rise?
- How Millennials continue to shape housing demand
- Rents have increased 6 years in a row; Can this trend continue?
- Strategies investors are using to maximize yields
Register Today: This event is complimentary for Marcus & Millichap clients and colleagues, and will take place at 2 p.m. ET / 11 a.m. PT on Tuesday, February 9. Click Here to Sign up for the Webcast.
Questions? Contact us at webcasts@marcusmillichap.com or call (925) 953-1735.
Talone to Moderate Philadelphia Multifamily Summit
MacLaren | Talone | Townsend’s very own Clarke Talone will be moderating at the Philadelphia Multifamily Summit, presented by the Mid Atlantic Real Estate Journal. The summit will take place from 8 a.m. to Noon on Friday, February 5, at the Hilton Philadelphia City Avenue.
Topics of discussion will include:
- 2016 Philadelphia Apartment Market Overview: State of the Industry
- Capital’s Comeback: The Evolution of Apartment Financing
- What’s the Future of Apartment Investments in Philadelphia
- Building a Successful Project from Start to Finish
This informative summit is a fantastic opportunity for those involved in the Philadelphia Apartment Market to gain a firm understanding of what to expect in 2016. The summit will adjourn at Noon, with the opportunity for networking with others in attendance.
MacLaren • Talone • Townsend Sell 75 Units in Easton
CLOSED December 2015: Lehigh Manor | Easton, PA
EASTON, Pa., Dec. 17, 2015 – 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 Lehigh Manor, a 75-unit garden style apartment complex located in Easton, PA, according to Brenton James Baskin, regional manager of the firm’s Philadelphia office. The asset sold for $4,715,000, over 99 percent of the original list price.
Ridge MacLaren, first vice president investments, Clarke Talone, senior associate, and Andrew Townsend, vice president investments, all in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, an out of state limited liability company who had owned the property for approximately 10 years. The buyer, a limited liability company, was also secured by Talone, MacLaren and Townsend. The team conducted over 10 tours and received 6 offers on the 2.48 acre property that closed for approximately $63,000 per unit.
“The amount of interest we saw on this property is evidence that investors searching for yield are willing to look into secondary markets to achieve their investment goals,” Talone said. “Due in part to its proximity to downtown Easton and major thoroughfares Routes 22 and 78, this mainly residential neighborhood has improved solidly over the years.”
Lehigh Manor, 95 percent occupied at the time of sale, is located at 600 E. Canal St in Easton, Pa. within the Lehigh Valley city of Easton and approximately one mile from the “Centre Square” downtown area. The apartment community, which includes 63 two-bedroom units and 12 three-bedroom units, received new windows, updated kitchens, and replaced roof during the seller’s ownership.
“This deal is an indicator that the market for apartment remains white hot, especially when properties are well maintained,” Talone concluded.
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About Marcus & Millichap (NYSE: MMI)
With over 1,500 investment 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 7,600 transactions in 2014 with a value of approximately $33.1 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