Marcus & Millichap Offering New Construction Multifamily in Philadelphia
Marcus & Millichap is pleased to present for sale The Flats at 31 Brewerytown – 114 new construction units located in the Brewerytown neighborhood of Philadelphia.
PHILADELPHIA, PA – A large multifamily asset in one of Philadelphia’s most active up-and-coming neighborhoods, Brewerytown, is being offered for sale by Marcus & Millichap.
The Flats at 31 Brewerytown is a 114-unit Class A apartment building that was constructed in two phases from 2014-2015. The property features spacious one- and two-bedroom apartments and townhomes, all of which have modern high-end finishes. There is a ten-year tax abatement until December 2024 and January 2026.
Marcus & Millichap Philadelphia’s Andrew Townsend, first vice president investments, along with partners, Ridge MacLaren, senior vice president investments, Clarke Talone, first vice president investments, and Will Riter, associate, are exclusively representing the seller, Westrum Development Company. Westrum is a leading residential real estate developer in the area, that spearheaded the revitalization of Brewerytown.
Notably, the property features a 1:1 ratio of off-street parking, as well as attached garages. The spacious units average 883 square feet in size, which is larger than comparable luxury buildings in the submarket. Units feature gourmet kitchens with granite, stainless steel appliances, 9-foot ceilings, in-unit washer/dryer, and contemporary track lighting. Rents at the property are $1.73 per square foot, which is well below the average in the market. This is a major draw for tenants looking to live the city lifestyle in a highly desirable location at a lower cost, in comparison to similar Center City neighborhoods. Due to the low rent per square foot and current occupancy of 96 percent, The Flats at 31 Brewerytown is primed for future rent growth as the area continues to mature and thrive.
The rapidly developing neighborhood of Brewerytown is ideally situated minutes from the Schuylkill Expressway (Interstate-76), just north of Center City. The neighborhood is bordered by Fairmount Park to the west, as well as the neighborhood of Fairmount to the south, home to Philadelphia’s world-class art museums. The Flats at 31 Brewerytown is walking distance to a brand-new Aldi grocery store, numerous dining and nightlife options, as well as the Philadelphia Zoo. Public transportation is a short walk away, including SEPTA bus routes and SEPTA Route 15, a heritage streetcar line that runs through the neighborhood and connects to Girard Station, which provides easy access to Center City via a ten-minute subway ride.
Click here to view additional details about this listing, or give us a call at 215-531-7020.
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About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing 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 nearly 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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 Releases 4th Quarter Multifamily Research Market Report
Marcus & Millichap’s 4th Quarter Multifamily Research Market Report for the Philadelphia Metro Area has been released. Vacancy declines and rents rise in Northeast Philadelphia, due partly to subdued construction. Developers continue to target familiar areas, with Center City Philadelphia, the Norristown/Merion area, and Wilmington seeing the largest share of deliveries.
Click the link below to view the full report. If you would prefer to view a hard copy of the report, or if you would like to view a report for a market other than Philadelphia, please give us a call at 215-531-7019.
Click here to view Marcus & Millichap’s 4th Quarter Multifamily Research Market Report
Just Closed: 12-Unit Townhome Property Trades Hands in York
Marcus & Millichap is pleased to announce the sale of the Country View Townhomes – 12 units located in York, Pa.
YORK, Pa., August 31, 2018 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of the Country View Townhomes, 12 townhomes located at 2-14 Tate Way in York, Pa. The multifamily asset sold for $1,846,300.
Will Riter, associate, Andrew Townsend and Clarke Talone, both first vice president investments, and Ridge MacLaren, senior vice president investments in Marcus & Millichap’s Philadelphia and Wynnewood offices, facilitated the transaction and represented the buyer, a limited liability company.
“Since its construction in 2007, the Country View Townhomes have experienced low turnover and strong occupancy,” said Riter. “Due to the lack of inventory in the market, there is high demand for assets of this kind, resulting in an aggressive price per unit, but still allowing a strong return for the buyer.”
The Country View Townhomes are in York County, adjacent to the York Township Park and York Area Regional Police Station. The 12 townhomes are comprised of three-bedroom/two-and-a-half bathroom units.
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About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing 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 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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 Releases 3rd Quarter Multifamily Research Market Report
Marcus & Millichap’s 3rd Quarter Multifamily Research Market Report for the Philadelphia Metro Area has been released. High rents in the urban core are prompting more renters to look toward the suburbs, improving performance in those areas. The high demand in suburban submarkets is luring more developers away from the downtown, to areas that have not seen as many deliveries in recent years.
Click the link below to view the full report. If you would prefer to view a hard copy of the report, or if you would like to view a report for a market other than Philadelphia, please give us a call at 215-531-7019.
Marcus & Millichap Releases 3rd Quarter Multifamily Research Market Report
Team’s Recent Sale Featured in “The Apartment Report”
MacLaren · Talone · Townsend’s sale of the Residence at Overbrook has been featured in the most recent issue of The Apartment Report, a national publication that is compiled by Crittenden Research. The Residence at Overbrook is a 127-unit property in Philadelphia that was formerly master-leased to Saint Joseph’s University. The sale of the property for $13M is especially notable, as the property was vacant following the expiration of the master lease. The buyer now has the opportunity to perform value-add renovations while the property is vacant.
Per Crittenden Research’s website, The Apartment Report provides “thorough updates of the busiest developers, buyers, management firms, lenders and equity partners. Amenities, marketing, investment and lending operations, acquisitions, development, and location trends are just some of the key areas The Apartment Report exhaustively covers–Information that’s all obtained first hand by Crittenden’s Multifamily Reporter.”
Click here to view the most recent issue of The Apartment Report.