MacLaren • Talone • Townsend Sell 105 Units in Mt. Arlington, NJ
CLOSED February 2014: Carriage Club | Mt. Arlington, NJ
MOUNT ARLINGTON, NJ, February 18, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Carriage Club, a 105-unit apartment property located in Mount Arlington, NJ, according to Spencer Yablon, regional manager of the firm’s Philadelphia office. The asset sold for $18,625,000.
Ridge MacLaren, Andrew Townsend, Clarke Talone, Mark Thomson, Zachary Pierce and Steven Rutman, 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 also secured and represented by the listing team. Michael Fasano, Broker, assisted in closing this transaction.
Carriage Club is located at 1 Hillside Drive in Mount Arlington, NJ. This 105-unit community was built in 2003. “The property is a stable asset, in impeccable condition with proven economic performance, within close proximity to New York City,” said MacLaren. “However, from a marketing perspective, it was a bit of a ‘tweener’ – Too small for the institutions and too big for the smaller private investors. We had to really work to find the right buyer for this deal,” he added. “The eventual buyer assumed an existing Freddie Mac loan, which was another challenge to overcome. Some potential investors were unwilling to explore the assumption process,” noted Talone. Carriage Club features the most luxurious amenity package within a 20-mile radius, including a clubhouse, indoor heated pool, state-of-the-art fitness center, billiard room, library, putting green, and much more.
Click here to view additional coverage of this sale on CoStar.com
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With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.
MacLaren • Talone • Townsend Sell 10 Units on the Main Line
CLOSED January 2014: 232-236 W. Montgomery Ave. | Haverford, PA
HAVERFORD, PA, January 8, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 232-236 West Montgomery, a 10-unit apartment property located in Haverford, PA, according to Spencer Yablon, regional manager of the firm’s Philadelphia office. The asset sold for $950,000.
Andrew Townsend, Clarke Talone and Ridge MacLaren, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a partnership, was also secured and represented by Townsend, Talone and MacLaren.
“The property’s location along Montgomery Avenue in Haverford helped to generate a tremendous amount of investor interest and property tours,” noted Talone. “The fact that apartments on the Main Line rarely trade had a positive impact on value, and helped us achieve list price.”
“Ultimately, the buyer plans to take advantage of this ‘A’ location by repositioning the property,” added Townsend.
The property, comprised of ten units and built in 1925, sold for list price. Rents were well below market, when compared with similar properties in the area. “The buyer has a deep knowledge of the Main Line market, and was able to recognize the opportunity. This should prove to be a great investment,” stated MacLaren.
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With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.
MacLaren • Talone • Townsend Sell 45-Unit Apartment Building in Yonkers
CLOSED December 2013: Trinity Senior Apartments | Yonkers, NY
YONKERS, NY, December 23, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Trinity Senior Apartments, a 45-unit apartment property located in Yonkers, NY, according to Spencer Yablon, regional manager of the firm’s Philadelphia office. The asset sold for $3,301,000.
Andrew Townsend, Ridge MacLaren and Clarke Talone, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller. The buyer was secured and represented by Andrew Townsend, Ridge MacLaren and Clarke Talone. Spencer Yablon, Broker, assisted in closing this transaction.
Trinity Senior Apartments is located at 450 Walnut Street, in Yonkers, NY. The 45-unit LIHTC property is a traditional Catholic school building which was gut renovated in 1997 and converted into a five-story affordable housing complex. The property, which has strong historical occupancy, consists of 45 residential apartments, 23 onsite parking spaces, a massive recreation room with 20-plus foot ceilings, and more.
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With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.
In Philly Area, A Strong 2013 Apartment Rental Market
Marcus & Millichap’s Philadelphia office released their fourth-quarter report on the area rental-apartment market. The report had positive things to say about multifamily housing in the Philadelphia region.
“Although there is some evidence that the economy is sputtering a bit, it appears to be strong enough in the Philadelphia region to keep multifamily housing thriving. [The report] cites ‘respectable job growth and the formation of new households’ as reducing vacancy rates in this region over the first nine months of 2013,” states the article.
Marcus & Millichap Releases 4th Quarter Apartment Research Market Report
Marcus & Millichap’s 4th quarter Apartment Research Market Report cites respectable job growth and the formation of new households as the reasons for reducing vacancy in the Philadelphia metro over the first 9 months of 2013, resulting in a strong multifamily sector.
Click the link below to view the full report.
Philadelphia 4th Quarter Apartment Research Market Report