2Q Report: Lower Vacancy Rate, Rising Rents
The Philadelphia region’s apartment market continued to thrive in the second quarter, with monthly rents rising and vacancies plummeting even as new product appeared in the city and suburbs. The lower vacancy rate manifested while competition (especially in Center City) continued to ramp up – A testament to strong absorption in the Class A market.
MacLaren • Talone • Townsend Sell 75 Units in Rochester, NY
CLOSED May 2015: Huntington Park Apartments | Rochester, NY
ROCHESTER, NY, May 29, 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 Huntington Park Apartments, a 75-unit apartment property located in Rochester, NY, according to Brenton James Baskin, regional manager of the firm’s Philadelphia office. The asset sold for $1,995,000.
Andrew Townsend, Clarke Talone and Ridge MacLaren, investment specialists in Marcus & Millichap’s Philadelphia office, along with Robert Sheppard, Armand Tiberio and Spencer Hurst, investment specialists in Marcus & Millichap’s Seattle office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Andrew Townsend, Clarke Talone, Ridge MacLaren, Armand Tiberio, Robert Sheppard and Spencer Hurst. J.D. Parker, Broker, assisted in closing this transaction.
Huntington Park Apartments is located at 1104 St. Paul Street in Rochester, NY. Built in 1975 and renovated in 1996, the Property is comprised of 30 one-bedroom units and 45 two-bedroom units, for a total of 75 units.
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About Marcus & Millichap (NYSE: MMI)
With nearly 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
You’re Invited: Crowdfunding for Real Estate Seminar
You are invited to join us from 5:30 – 8 p.m. Thursday, June 18, for an informative presentation about crowdfunding and how it relates to real estate. The seminar, hosted by MacLaren | Talone | Townsend, will feature Mark Roderick, Shareholder at Flaster/Greenberg.
“Crowdfunding represents the most fundamental change to the U.S. securities laws since the Great Depression and will re-define how companies raise money from investors,” according to Roderick.
EVENT DETAILS:
- Everyone welcome; Event tailored to crowdfunding for real estate
- WHEN: Thursday, June 18
- TIME: Cocktails and hors d’oeuvres beginning at 5:30 p.m.; Speaker will begin at 6 p.m.
- LOCATION: St. Davids Golf Club; 845 Radnor Street Road, Wayne, PA 19087
- RSVP: Please RSVP to Ridge MacLaren by sending an email to Ridge.MacLaren@marcusmillichap.com
- SPEAKER: Mark Roderick, Shareholder at Flaster/Greenberg; Mr. Roderick is a crowdfunding attorney who concentrates his practice on the representation of entrepreneurs and their businesses
- Visit Mr. Roderick’s blog at www.crowdfundattny.com for additional details about his expertise
MacLaren • Talone • Townsend Sell 140 Units in Wilmington, DE
CLOSED May 2015: Parklynn Apartments | Wilmington, DE
WILMINGTON, DE, May 19, 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 Parklynn Apartments, a 140-unit apartment property located in Wilmington, DE, according to Brenton James Baskin, regional manager of the firm’s Philadelphia office. The asset sold for $6,600,000.
Ridge MacLaren, Clarke Talone and Andrew Townsend, 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 buyer, a limited liability company, was secured and represented by Clarke Talone, Ridge MacLaren and Andrew Townsend.
Parklynn Apartments is located at 5 Ruth Road in Wilmington, DE. The Property is comprised of 140 units, and is located in the Elsmere section of Wilmington. With high current and historical occupancy, Parklynn generated significant interest amongst investors. The marketing campaign generated more than 20 tours and nine offers.
“Parklynn is a very stable asset in a solid Wilmington rental market,” said Talone. “The property’s track record with regard to occupancy and lack of deferred maintenance made it very appealing to prospective investors.”
“The seller had owned the asset for quite some time,” added MacLaren. “They recognized that due to strong apartment fundamentals, outstanding debt available, and lack of quality inventory on the market, it was a great time to sell. We saw very strong buyer activity from local and regional investors.”
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About Marcus & Millichap (NYSE: MMI)
With nearly 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
MacLaren • Talone • Townsend Sell Center City Apartment Buildings
CLOSED May 2015: 118 N Lambert & 2036 Race | Philadelphia, PA
PHILADELPHIA, PA, May 19, 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 two multifamily properties totaling 8 units, located in Center City Philadelphia, PA, according to Brenton James Baskin, regional manager of the firm’s Philadelphia office. The assets sold for $1,350,000.
Clarke Talone, Andrew Townsend and Philip Sharrow, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the properties on behalf of the seller, an individual/personal trust. The buyer, a private investor, was secured and represented by Philip Sharrow, Clarke Talone and Andrew Townsend, investment specialists in Marcus & Millichap’s Philadelphia office.
The properties are located at 118 North Lambert Street and 2036 Race Street in the popular Logan Square section of Philadelphia, PA. “Both properties hold a young professional tenant base with zero vacancies. Rents were slightly below market. Also, with the ability to upgrade units, bidders immediately saw the upside. With that upside present combined with the current strength of the market, the seller understood there was no better time to capitalize and liquidate,” said Philip Sharrow.
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About Marcus & Millichap (NYSE: MMI)
With nearly 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