Marcus & Millichap Sells 97 Multifamily Units in Elkton
CLOSED April 2013: Pine Hill Apartments | Elkton, MD
ELKTON, MD, April 30, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has sold Pine Hill Apartments, a 97 unit multi-family property in Elkton, Maryland. The total price for the asset was $5,875,000, which equates to approximately $60,000 per unit.
The multifamily brokerage team of Mark Thomson and Zachary Pierce along with the team of Ridge MacLaren, Clarke Talone and Andrew Townsend forged a collaborative marketing effort on behalf of the seller, a Delaware limited liability company. The buyer, also procured by the listing team, was a regional limited liability company.
“Pine Hill is a very well-maintained community in the desirable Elkton rental market. It had a history of high occupancy and should continue to be a strong performer for the purchaser,” noted Pierce.
“Our two teams collaborated to execute an extensive marketing effort and exposed the property to a broad range of qualified buyers,” MacLaren says. “Ultimately, our process yielded a buyer that was qualified to assume the loan in a smooth, expeditious manner,” he added.
Pine Hill Apartments, located in Elkton, Maryland, consists of a mix of spacious one and two bedroom units totaling 97 units. The property has no deferred maintenance and had recently undergone capital improvements including new windows, new sliders, and replacement and conversion of 5 of the 6 oil fired boilers to higher efficiency gas-fired boilers. The sale included the assumption of agency debt.
All of the agents involved congratulate the seller on this sizable and timely sale of the property.
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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 5,085 transactions in 2011, 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.
Marcus & Millichap Arranges the Sale of a 49-Unit Apartment Building
PHILADELPHIA, PA, February 1, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Edgewood Manor, a 49 unit Apartments property located in Philadelphia, PA, according to Spencer Yablon, Vice President/Regional Manager of the firm’s Philadelphia office. The asset commanded a sales price of $350,000.
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 partnership. The buyer, a limited liability company, was secured and represented by Fred Paisley and Dana Newton, investment specialists in Marcus & Millichap’s Philadelphia office.
Edgewood Manor is located at 1500-1510 Allegheny Avenue.
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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 5,085 transactions in 2011, 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 392 HUD Units for $16.1 Million
CLOSED January 2013: The Crestbury | Camden, NJ
CAMDEN, NJ, January 18, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has sold a multifamily property totaling 392 units in Camden. The asset was delivered free and clear of debt. The sales price is $16.1 million.
The multifamily brokerage team of Ridge MacLaren, Andrew Townsend and Clarke Talone had the exclusive listing and forged a marketing effort on behalf of the seller, a New Jersey-based limited liability company. The buyer, also procured by the listing team, was Tryko Partners LLC of Brick, N.J.
“The buyer received excellent financing on this low-income property,” says Townsend. “The new owner plans to make substantial capital improvements including new windows, boilers, kitchens, bathrooms and landscaping, which will vastly improve quality of life for the tenants.”
“The buyer and seller worked together to navigate through bureaucratic issues, including a challenging assumption of a payment in lieu of taxes (PILOT) agreement,” adds MacLaren. “We congratulate both parties on a successful transaction that required tremendous patience and a degree of trust between the parties.”
The Crestbury is situated within a few miles of bridges heading into the city of Philadelphia. Built in 1950, it features one- and two-bedroom units overlooking a neighborhood park.
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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 5,085 transactions in 2011, 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.