4B — January 27, 2017 - February 9, 2017 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
www.marejournal.com
O wners , D evelopers & M anagers
Marcus & Millichap Philadelphia’s Talone, MacLaren and Townsend represent the seller Lehigh Valley 58-unit multifamily community trades hands for $3.6 million S
LATINGTON, PA — Marcus & Millichap announced the sale of Victory Estates, a 58-unit mul- tifamily community located in Slatington. The $3.6 million sales price equates $62,069 per unit. “The Lehigh Valley boasts a stable rental market,” said Clarke Talone, VP invest- ments. “The strong fundamen- tals in the Valley, combined with today’s low interest rate environment, should lead to continued high demand for quality assets such as Victory Estates.”
Talone, Ridge MacLaren and Andrew Townsend , in- vestment specialists in the firm’s Philadelphia office rep- resented the seller. The buyer, a long-term Lehigh Valley pri- vate investor, was procured by Mark Krantz , associate and Derrick Dougherty , VP in- vestments. Brenton Baskin , regional manager is Marcus & Millichap’s broker of record in Pennsylvania. “The buyer, looking to grow his multifamily portfolio in the Lehigh Valley area, was very motivated by Victory Estates, a stable investment with strong
historical occupancy” said Krantz, a member of the firm’s top retail team, TZD Retail . Krantz was able to leverage the firm’s brokerage platform and connect his client, an owner of retail properties, across product types, to multifamily invest- ment properties. n Marcus &Millichap DC office secure buyer in property trade for $3.5m WASHINGTON, DC — Marcus & Millichap an- nounced the sale of 1101-1109 Q St. NW, a multifamily rede- velopment opportunity in DC. After a successful marketing process that yielded 25 written offers and 50 property tours, the asset sold for $3.5 million. “The property ultimately sold 16.7% above list price in large part because we had so many written offers from all types of investors and developers, which is emblematic of the colossal demand in the neighborhood,” said Grant Fitzgerald , an investment associate. Fitzgerald and VP invest- ments Marty Zupancic , both in the firm’s DC office, had the listing to market the property. Fitzgerald and Zupancic also secured the buyer, a devel- oper, who plans to convert the property into luxury condo- miniums. The property, which was 40% occupied at the time of contract, is comprised of three contiguous buildings built in 1911 that sit on a 6,223 s/f lot, currently zoned MU-4. The closing was extended as all parties worked collaboratively to ensure a positive outcome for the occupants, sellers, and buyer. The buildings sit on the corner of 11th and Q St. NW, just north of the ShawHistoric District and northeast of the Logan Circle Historic District and steps from the boom- ing 14th St., U St., and the burgeoning 9th St. corridors. “Logan and Shaw’s combined submarket is fairly unique in that rents and condo sales have continued to grow steadi- ly in the class B, class A, and the hyper-luxury products,” Fitzgerald explains. “That leads to a multitude of strong buyers looking at deals from all angles, an essential element to achieving strong pricing, elegant design, and a good mix of uses for the neighborhood.” n
Victory Estates
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