4B — September 27 - October 10, 2019 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers
ELAWARE VALLEY — Marcus & Milli- chap has announced Townsend, MacLaren, Talone and Bernard orchestrate sale Marcus & Millichap sells three Philadelphia MSA multifamily assets for $26 million D
the sale of three multifamily properties in the Delaware Valley for $25.9 million. “We are seeing a high level of buyer demand for workforce housing class B and C as- sets, as well as urban trophy multifamily and mixed-use properties,” said Andrew Townsend , first VP invest- ments in Marcus &Millichap’s Philadelphia office. “Both prod- uct types are performing very well in the Philadelphia MSA due to the diverse and tight job market. Market conditions
Delaware Valley multifamily portfolio
make this a terrific time for sellers and the depressed level of inventory, continued low interest rates, strong funda- mentals, and increased buyer pool ensure the market for apartment assets will remain
extremely competitive.” The three properties were all listed by Marcus & Millichap’s Townsend, Ridge MacLaren, Clarke Talone and Daniel Bernard and closed within four weeks of each other. The
properties are: • Farrand Village, 165 units, Wilmington, DE, $11 million • Northridge Townhomes, 87 townhouse-style units, Pleas- antville, NJ, $8.3 million • 135-137 North 3rd St.,
16 apartments and two retail spaces, Philadelphia, PA, $6.6 million “Multifamily investments in the Delaware Valley typi- cally provide investors with an attractive yield and bet- ter regulatory environments than NY or Washington, DC,” added Talone. “We are seeing an abundance of new, out-of- area capital coming into the Philadelphia market, which has created a new buyer pool. A number of our transactions this year were purchased by buyers that are new to this market.” According to Marcus & Milli- chap’s 3Q19 Philadelphia Local Apartment Report, multifamily is outperforming expectations due to extremely low unem- ployment and job growth in the Philadelphia MSA. Job growth is also fueling absorption of new product, primarily in Center City and King of Prussia. Vacan- cy is forecast to drop below 4% this year for the first time since 2006, which is notable given the continued delivery of new units. It is anticipated that 2019 will see the completion of 6,100 new units across the Philadelphia MSA, which is a 20-year high. “The Marcus & Millichap platform is uniquely positioned to bring new capital to the Phil- adelphia apartment market,” said Talone. “The firm con- tinues to tap into apartment investors from other markets, as well as investors that have historically invested in other asset classes, such as retail or office. The sale of these three assets speaks to the continued strength of the apartment mar- ket in the Delaware Valley.” So far this year the team of MacLaren, Talone, Townsend and Bernard has closed 12 transactions worth just under $100 million and has seven properties under contract val- ued at $53 million. Donald MacLaren, Jr. is Marcus & Millichap’s broker of record in DE, the firm’s NJ broker of re- cord is Brian Hosey and Sean Beuche is Marcus & Millic- hap’s broker of record in PA.
SERVI NG THE MI D- ATLANT I C I S WHAT WE DO
LOYALTY. TRUST. ATTENTION.
E.B. Cohen welcomes you to experience caring, professional & personalized attention for your risk management and insurance needs. Our experienced insurance professionals take the time to carefully assess your exposures and identify your needs. We establish and maintain relationships with clients interested in long-term business success. YOUR GOA L S A R E OUR GOA L S Whether it is commercial property & casualty, personal insurance, life insurance, or benefits, our associates will work hard to provide the right solutions for you.
To learn more, call us now at 973-403-9500. 101 Eisenhower Parkway. Roseland, NJ 07068
COHENINS .COM
Made with FlippingBook - professional solution for displaying marketing and sales documents online