M id A tlantic Real Estate Journal — Owners, Developers & Managers — April 23 - May 20, 2021 — 27A
www.marej.com
O wners , D evelopers & M anagers
IDDLETOWN, PA — Marcus & Milli- chap announced the Grove Apartments located in Middletown, PA sells for $4.7 million Dunkle and Vartanian of Marcus & Millichap arranges the sale of a 30-unit apartment building M
strong throughout the pan- demic and the vacancy rate of the asset decreased to 0% dur- ing the under contract period, showing the high demand in the market for garden style apartments.” Oak Grove Apartments lo- cated at 227 E High St. in downtown Middletown, was beautifully constructed by a local high-end development company. The property is ideally located near Penn State’s Harrisburg Campus, a proposed Amtrak Station, ma- jor amenities, and shopping, making this a sound invest-
ment for the buyer. “Working with both the buyer and the Seller took a tremendous amount of time and energy to keep the deal moving toward a successful close of escrow. We spent a lot of time work- ing hand in hand with the appraisal team, third party in- spectors, and the lending team to make sure every facet of the deal was on track and moving forward.” said Dunkle “Our commitment to this transac- tion was unwavering, and we are ecstatic the new buyer has another class A asset in their portfolio.” MAREJ
sale of Oak Grove Apart- ments, a 30- unit apart- ment proper- ty located in Middletown, PA. The as- set sold for $4.7 million, or $156,666 per unit. The asset is made up of thirty two- bedroom, 1.5 bath uni ts and sold at the highest p r i c e p e r
Craig Dunkle
Oak Grove Apartments
Mher Vartanian
unit within the Middletown, PA submarket. CraigDunkle and Mher Vartanian , invest- ment specialists from the Dunkle Group of Marcus & Millichap’s Philadelphia of- fice, represented both the buy - er and seller in this transac- tion. “We are pleased to have had the opportunity to see this asset trade at the top of the market. Breaking local area records on the price per unit and trading this deal at a sub 6% CAP rate and achieving a 5.5% CAP sale was no easy feat.” said Vartanian. “The transaction highlighted the industry trends we’ve been seeing in the market. Second- ary markets have remained BL Companies welcomes two new principals MERIDEN, CT — BLCom- panies named two employee- owners to principal. The newly appointed prin- cipals at BL Companies are Jessica Bates, PE , principal engineer, and Robert Clem- ens, AIA , director of archi- tecture. Both new Principals were selected because of their hard work and proven ability to have a broad impact on the success of the entire firm. “We are incredibly excited to welcome these talented individuals to the principal program,” said Carolyn Stan- worth , president and CEO. “Both of these new principals embody the continued com- mitment to leadership, perfor- mance and client care that BL Companies is known for in the industry.” MAREJ
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