Marcus & Millichap Arranges the Sale of Apartment Buildings in Central, Western Pennsylvania
CLOSED September 2013: Mill at McKeesport | McKeesport, PA
MCKEESPORT, PA, October 1, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of The Mill at McKeesport, a 70-unit apartment property located in McKeesport, PA, as well as the sale of Hill Café, a 27-unit apartment property located in Harrisburg, PA, according to Spencer Yablon, regional manager of the firm’s Philadelphia office. The assets sold for $1,685,000 and $500,078, respectively.
Clarke Talone, Andrew Townsend and Ridge MacLaren from Marcus & Millichap’s Philadelphia office, along with Charles Krushansky from the Pittsburgh office, had the exclusive listing to market Mill at McKeesport on behalf of the seller, a government agency. MacLaren, Talone, and Townsend also arranged the sale of Hill Café in between the seller, and the buyer, a local partnership.
The Mill at McKeesport is located at 551 6th Street in McKeesport, PA. Constructed in 1972, the property features 70 one-bedroom and two-bedroom units in five buildings. The property has recently undergone extensive interior and exterior renovations, and boasts a strong occupancy. “This was a difficult transaction due to the depressed McKeesport economy,” stated Talone. “The buyer of the asset recognized the strong current operations in the building and will be rewarded with yields not available in other submarkets for multifamily product.”
Hill Café is located at 1249 Market Street in Harrisburg, PA. This 27-unit building was built in 1900. It is located just one mile from the Pennsylvania State Capitol Building, as well as the shopping, dining and entertainment of Strawberry Square. “Hill Café was an asset in downtown Harrisburg that needed significant renovation,” noted MacLaren. “The buyers plan to reposition the property to provide needed workforce housing to the Harrisburg community.”
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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.
Proposed Apartments Stir Concerns in Lower Merion
“The unprecedented surge in rental units [in Lower Merion] is targeting young upscale workers and retired couples seeking to downsize, and it mirrors a nationwide trend toward apartment living. But the proposals have also sparked some of the traditional worries about traffic, aesthetics, and whether an influx of more transient residents might alter the stable, communal nature of the affluent Montgomery County township.”
MacLaren • Talone • Townsend Sell 90-Unit Apartment Building in Claymont, DE
CLOSED August 2013: River Club | Claymont, DE
CLAYMONT, DE, August 28, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of River Club, a 90-unit apartment property located in Claymont, DE, according to Spencer Yablon, regional manager of the firm’s Philadelphia office. The asset sold for $4,750,000.
Ridge MacLaren, Andrew Townsend, and Clarke Talone, 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 limited liability company, was secured and represented by MacLaren, Townsend and Talone. Spencer Yablon, Broker, assisted in closing this transaction.
River Club is located at 7807 Governor Printz Blvd in Claymont, DE. This 90-unit property, built in 1989, has 83 one-bedroom one-bath units and 7 two-bedroom two-bath units.
River Club is a 55+ community, which features a sundeck overlooking the Delaware River, a fitness center, a cyber café and a gaming room.
“River Club was a value-add opportunity in a strong rental market”, noted MacLaren. “Our marketing process generated a tremendous amount of activity and produced several strong offers from qualified buyers. Ultimately, the buyer that was selected closed at list price in under 45 days.”
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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.
The Interest Rate Surge and its Impact on Multi-Family
Contact us for a complete analysis of the future of interest rates. When you are ready, we will sit down with you in person and help you understand how these trends apply to your current situation and future objectives.
MultiFamilyExecutive.com posted a detailed article regarding the recent rise in interest rates.
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Main Line is Abloom with Apartments
There are several apartment projects either planned for construction or already under construction on the Main Line. Not everyone believes there are enough tenants to warrant all of the new dwellings, however, hospital workers, college students, and Philadelphia residents who want to enroll their children in the desirable Lower Merion public schools have been flocking to the suburbs.