MacLaren • Talone • Townsend in the News: Location of Boyd Theatre Apartments Bodes Well for Project
Team member Andrew Townsend was quoted in a Philadelphia Inquirer article published November 29, 2017. Pearl Properties is scaling down its apartment tower project on the Rittenhouse Square-area property where the Boyd Theatre’s ornate auditorium once stood, as Center City faces an abundance of high-end rental housing. Still, the project’s location near Rittenhouse Square bodes well for the project in its shrunken form, said Townsend.
Read more about the new plans for the Boyd Theatre site on Philly.com
Recent Team Closing Featured in Mid Atlantic Real Estate Journal
The Crestbury Apartments – 392 units located in Camden, NJ – were recently sold by Marcus & Millichap for $34.45 million.
The sale of the Crestbury Apartments was featured in the November 10-23, 2017, edition of the Mid Atlantic Real Estate Journal. Andrew Townsend, Ridge MacLaren, and Clarke Talone had the exclusive listing to market the property on behalf of the seller. Crestbury Apartments is a 392-unit multifamily property located in Camden, NJ, and sold for $34.45 million.
Marcus & Millichap Sells Two Main Line Apartment Buildings
Marcus & Millichap is pleased to announce the sale of Brenton Hall and Hampden Manor – Both located on the Main Line in Narberth, PA.
Brenton Hall and Hampden Manor in Narberth, PA
NARBERTH, Pa., November 17, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 2 apartment buildings, Brenton Hall and Hampden Manor, located in Narberth, Pa.
Clarke Talone, First Vice President Investments, Ridge MacLaren, Senior Vice President Investments and Andrew Townsend, First Vice President Investments all within the firm’s Philadelphia office, had the exclusive listing to market the properties on behalf of the seller and procured the buyer.
Brenton Hall is located at 115 North Essex Avenue in Narberth, Pa. The three-story, mid-rise building was constructed in 1926 with vast capital improvements, including common area upgrades, new signage, fresh paint, new lighting/fixtures, and modern kitchens. The unit mix in the building is comprised of studio and one-bedroom apartments.
Hampden Manor is located at 325 Haverford Avenue in Narberth, Pa. The two-story, low-rise building was constructed in 1963 with vast capital improvements, including new windows and sliding doors throughout, conversion to natural gas, and new exterior paint and signage. The unit mix in the building is comprised of one- and two-bedroom apartments.
“This offering generated a tremendous amount of interest due to the prime Narberth location,” states Talone. “Apartment buildings rarely trade on the Main Line, so when quality assets like Brenton Hall and Hampden Manor come to market, there is competition from buyers both locally and regionally.”
An intensive marketing campaign generated 24 property tours and 13 offers, and attracted a buyer from outside the market. A spokesperson for the seller praised the sales team and noted, “Talone and his team understood how to market the unique qualities of this property to bring us many attractive offers and a serious buyer. With an appreciation and understanding of both buyer’s and seller’s priorities, they brought this deal to a successful closing.”
Talone added, “The out-of-state buyer was drawn to the buildings due to their great condition and the future rent growth that they will achieve. This should prove to be an outstanding addition to their portfolio from a stability and long-term appreciation standpoint.”
Brenton Hall and Hampden Manor are situated near the heart of downtown Narberth, Pa. The properties are just a short walk to the Narberth Train Station, which provides regular service to Center City Philadelphia in less than 20 minutes.
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About Marcus & Millichap (NYSE: MMI)
With over 1,700 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 2016 with a value of approximately $42.3 billion. The company 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. The Philadelphia apartment market is seeing investment activity pick up as buyers seek higher yields. The multifamily sector remains strong in the face of headwinds, while downtown luxury units are dominating the pipeline.
Click the link below to view the full report.
Marcus & Millichap Releases 4th Quarter Multifamily Research Market Report
Just Closed: 392 Units in Camden Sold for $34,450,000
Marcus & Millichap is pleased to announce the sale of Crestbury Apartments – 392 units located in Camden, NJ.
Camden, NJ, September 26, 2017 – 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 Crestbury Apartments, a 392-unit multifamily property located in Camden, New Jersey, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $34,450,000 or just under $88,000 per unit.
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, Brick, NJ-based Tryko Partners. An affiliate of Lincoln Avenue Capital LLC from New York City, a leading owner and developer of low-income housing properties nationwide, purchased the asset free and clear of debt.
“The property just participated in the RAD (Rental Assistance Demonstration) program and received a new 20-year subsidy contract,” said Townsend. “The seller recently upgraded the flooring, windows, roofs, and boilers throughout the property, which made it very attractive and a great long-term investment.”
In fact, after purchasing Crestbury Apartments in 2013, Tryko Partners invested $3.6 million in capital improvements. This included the incorporation of an innovative, high-tech security initiative in conjunction with the Camden Police Department; a playground; and updated lighting, landscaping and sidewalks.
“We are seeing a tremendous amount of interest in well-maintained workforce housing, both market rate and affordable, in South Jersey due to solid economic drivers and its proximity to Philadelphia,” added MacLaren.
The 392 apartments are a mixture of one- and two-bedroom units. The Crestbury is situated on over 18 acres at 2552 South 8th Street in Camden, New Jersey. The property is minutes from both the Walt Whitman and Ben Franklin Bridges as well as Cooper Hospital, Campbell’s Soup Headquarters, and the Camden Waterfront.
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About Marcus & Millichap (NYSE: MMI)
With over 1,700 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 2016 with a value of approximately $42.3 billion. The company 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