Team News

Just Closed: Marcus & Millichap Sells 127 Units Near Saint Joseph’s University for $13M

Marcus & Millichap is pleased to announce the sale of Residence at Overbrook – A 127-unit property in the Overbrook Farms neighborhood of Philadelphia.

PHILADELPHIA, June 27, 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 Residence at Overbrook, a 127-unit apartment complex featuring studio, one-bedroom, and two-bedroom units, located in the Overbrook Farms neighborhood of Philadelphia, Pa. The asset sold for $13,026,478, equating to about $102,570 per unit.

Clarke Talone, Andrew Townsend, 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 limited liability company, who owned the property since 2014. The buyer, a local private developer with experience and a track record in the neighborhood, was secured and represented by Talone, MacLaren and Townsend.

“This property presented a unique investment opportunity, as the building’s master-lease to Saint Joseph’s University expired in May 2018,” said Talone. “Many investors were attracted by the ability to immediately renovate units in a building with scale in a strong submarket. The building will generate tenant demand from the thriving submarket, with demand drivers such as Saint Joseph’s University, Lankenau Hospital, and the concentration of office buildings in nearby Bala Cynwyd.”

Residence at Overbrook is located at 6358 Lancaster Avenue and 6312 Sherwood Road in Philadelphia, Pa. Situated near Saint Joseph’s University and City Avenue, the property is just a short walk from the Overbrook stop on SEPTA’s Paoli-Thorndale regional rail line.

The seller recently put capital improvements in the property, including updating the lobbies and hallways, and upgrading more than 20 bathrooms. Numerous properties in the area have capitalized on the area’s demand, and are achieving higher rents after undergoing renovation programs.

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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 2nd Quarter Multifamily Research Market Report

Marcus & Millichap’s 2nd Quarter Multifamily Research Market Report for the Philadelphia Metro Area has been released. Healthy rental demand has prompted substantial downtown construction, as vacancy moves up. Rents are on the rise, especially among luxury spaces.

Click the link below to view the full report.

Marcus & Millichap Releases 2nd Quarter Multifamily Research Market Report

Just Closed: Marcus & Millichap Sells Value-Add Fishtown Multifamily Portfolio

Marcus & Millichap is pleased to announce the sale of the Fishtown Portfolio – 15 units in the Fishtown neighborhood of Philadelphia.

PHILADELPHIA, Pa, April 30, 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 Fishtown Portfolio, a 15-unit apartment portfolio located in Philadelphia, Pa. The asset sold for $1,528,000, equating to more than $100,000 per unit.

Andrew Townsend, Clarke Talone, Joseph Sutow and Ridge MacLaren, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the portfolio on behalf of the seller, who owned the properties for more than a decade. With four offers on the table, ultimately the buyer was a private real estate investment group, who was secured and represented by Sutow, Townsend, Talone and MacLaren, as well.

“New ownership plans to initiate a renovation plan and upgrade the units to meet market rent in the neighborhood,” said Sutow. “Located in an area with considerable rent growth, there is a tremendous opportunity to enhance value and increase revenue.”

Fishtown Portfolio is located at 1417-1419 East Columbia Avenue and 1243 East Susquehanna Avenue in Philadelphia, Pa. The Fishtown neighborhood has emerged as Philadelphia’s epicenter of action with a wide selection of bars, restaurants, music venues, and galleries. Once known as a gritty pocket of the city, Fishtown now has a forward-thinking mentality led by its young professionals and long-time residents. Accessibility to subways and highways makes properties in this neighborhood popular for commuters seeking a lower cost of living than Center City.

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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

Just Closed: Marcus & Millichap Sells 78 Units in Bucks County for $10.6M

Marcus & Millichap is pleased to announce the sale of Grey Friars Terrace – 78 units located in Chalfont, Pa.

CHALFONT, Pa, April 20, 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 Grey Friars at Chalfont, an apartment complex comprised of 26 one-bedroom/one-bath units, and 52 two-bedroom/one-bath units located in Chalfont, Pa. The asset sold for $10,692,000.

Ridge MacLaren, Clarke Talone, Andrew Townsend, and Daniel Bernard, investment specialists in Marcus & Millichap’s Philadelphia office, facilitated the transaction and represented the buyer, a limited liability company.

“Presently, there is limited quality inventory in the Bucks County market,” said Talone. “Buyers remain aggressive and are extremely eager to deploy capital.”

Grey Friars at Chalfont is located at 4106 Grey Friars Terrace in Chalfont, Pa. The 78-unit garden-style apartment complex is comprised of eight 2-story buildings set on 8.89 acres.

“The buyer intends to implement a unit renovation plan,” added Talone. “Due to the strength of the location, there is significant rental upside with upgraded kitchens and bathrooms.”

Chalfont is a very desirable location in Bucks County, with easy access to highways US 202 and PA 309. Regional rail service into Center City Philadelphia is located less than five minutes away at Chalfont Station.

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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 1st Quarter Multifamily Research Market Report

Marcus & Millichap’s 1st Quarter Multifamily Research Market Report for the Philadelphia Metro Area has been released. The city of Philadelphia’s favorable outlook, influenced by recent corporate expansions and a collection of well-regarded universities, continues to draw investors to the market. Fewer listings are prompting an increase in syndicate activity among the buyer pool as investors pull capital to finalize deals, contributing to a general appreciation in sales prices.