Philadelphia Apartment Market Saw Rents Rise and Vacancy Drop
The apartment market in Center City continued to show signs of strength in 2014. In Center City, landlords of Class A apartments saw rents increase by 3.7 percent to $2,128 a month, or $2.23 a square foot. Vacancy rose slightly from 5.5 to 5.7 percent. In the suburbs, rents increased by 3.4 percent to $1,458 a month, or $1.43 a square foot. Vacancy declined from 5.6 to 4.4 percent.
Oversupply is always a concern, especially with 4,104 units either under construction or on the boards that could hit the market in the next three years. However, with Millennials and Empty Nesters continuing to move to urban areas, companies adding jobs, and the delay in first-time homebuying, the additional units have the possibility of being absorbed without disrupting the Philadelphia market.
Click here to read the full article on the Philadelphia Business Journal’s website
MacLaren • Talone • Townsend Participated in “Movember”
Ridge MacLaren, Clarke Talone, and Andrew Townsend took part in “Movember” – An annual event during which participants grow moustaches during the month of November to raise awareness of men’s health issues.
Agents in Marcus & Millichap’s Philadelphia office participated in the month long event, which challenges men to grow moustaches to spark conversation and raise vital funds for its men’s health programs. To date, the Movember community has raised $559 million and funded more than 800 men’s health programs in 21 countries. This work is saving and improving the lives of men affected by prostate cancer, testicular cancer, mental health problems, and more.
The Movember Foundation runs the annual charity event, with the goal of “changing the face of men’s health.” Marcus & Millichap Philadelphia made a donation to the foundation at the end of the event. To learn more, click here to visit the official Movember website.
Marcus & Millichap Releases 4th Quarter Apartment Research Market Report
Marcus & Millichap’s 4th Quarter Apartment Research Market Report has been released. Overall, stable growth in the Philadelphia economy continues to drive demand as employers increase payrolls throughout the metro. Increased demand has lifted rents by 3.4% over the course of the year. The strong performance of the apartment sector in the area is expected to continue.
Click the link below to view the full report.
MacLaren • Talone • Townsend Sell East Falls Apartment Building
CLOSED October 2014: Queen Lane Manor | Philadelphia, PA
PHILADELPHIA, PA, October 27, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Queen Lane Manor, a 41-unit apartment property located in Philadelphia, PA, according to Brenton Baskin, regional manager of the firm’s Philadelphia office. The asset sold for $2,900,000.
Andrew Townsend, Clarke Talone, Ridge MacLaren and Fred Paisley, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a partnership, was also procured by Talone, Paisley, MacLaren, and Townsend. “Queen Lane Manor is a great asset that performed well over the years for the sellers. Ultimately, they decided to capitalize on the strong multifamily sales market and transacted in order to reposition their portfolio,” noted Paisley.
“Queen Lane Manor consistently experienced strong demand and maintained its high occupancy due to its proximity to Drexel Medical College and the SEPTA train station. The buyers were attracted to the building due to the fact that was a turnkey asset with upside thanks to the strong East Falls location,” added Talone.
Queen Lane Manor is located at 2809 West Queen Lane in Philadelphia, PA. The property is a mid-rise apartment building that was constructed in 1932, with a unit mix consisting of 16 studios, 23 one-bedroom units, and 2 two-bedroom units. It is located directly opposite the Drexel University Medical Campus, and currently caters to medical students. The new ownership intends to renovate and reposition the asset, in order to attract younger working professionals in addition to students. Marcus & Millichap Capital Corporation arranged bank financing on the transaction.
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About Marcus & Millichap (NYSE: MMI)
With over 1,300 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 6,600 transactions in 2013 with a value of approximately $24 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
Marcus & Millichap Phila. Office Brokers Pottstown Sale
MacLaren • Talone • Townsend’s sale of Hanover Courts in Pottstown, PA, is featured in the most recent edition of the Mid Atlantic Real Estate Journal. Hanover Courts, a 92-unit apartment property, sold for $3.95 million.
Click here to read the full article on the Mid Atlantic Real Estate Journal’s website