8B — March 28 - April 10, 2014 — Owners, Developers & Managers — Mid Atlantic Real Estate Journal
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M ULTIFAMILY /POA E XPO Talone, MacLaren, and Townsend represent both buyer and seller Marcus & Millichap arranges the sale of a 20-unit apartment building for $2.2 million P HILADELPHIA, PA — Marcus & Millichap Real Estate Invest- ed the seller, a partnership. The buyer, a local partnership, was also procured by Talone, MacLaren and Townsend.
apartments and an office space. Archview was delivered free and clear of debt, allowing the purchaser to take advantage of the attractive financing avail- able in the market. “The seller developed an excellent rental property in a very desirable location for tenants. At the time of the sale the property was fully occupied and in great shape,” said MacLaren. Gebroe-Hammer averagesmulti-family saleevery10days LIVINGSTON, NJ – Hud- son County’s reputation as one of the most tenant-friendly regions in the country, coupled with its high concentration of multi-family properties span- ning every building class, has rendered it an epicenter of investment activity. In a re- cent three-month timeframe, Gebroe-Hammer Associ- ates’ Nicholas Nicolaou , vice president, arranged eight separate trades. “Investors are setting new benchmarks for what they are willing to pay while some sellers, many of whom have owned these properties for decades, are cashing in their chips in a perfect-storm en- vironment characterized by low interest rates, abundant financing and unrelenting demand in an undersupplied industry,” said Nicolaou, the firm’s Hudson County market specialist. “As inventory for available class-A product is few and far between, investors see future potential in reno- vating class-B and C buildings to bring them up to competi- tive market rates.” According to Nicolaou, the Hudson Waterfront’s multi- family tenant base is diverse enough to solidify high occu- pancy rates, despite a rising number of planned construc- tion projects. “In a city like Jersey City, new product paves the way for urban re- vitalization and tenants with diverse socioeconomic back- grounds and roots – including those priced out of New York City.” In Jersey City, Nicolaou represented the sellers and procured the buyers in the sale of four Jersey City prop- erties. The trades totaled 107 units sold for $11.5 million. Additionally, he arranged the sale of a 50-unit, two-building package for $4.4 million.
ment Services , one of the nation’s largest real estate investment services firm, has announced the sale of The Archview Apartments, a 20- unit apartment property locat- ed in Philadelphia, according to Spencer Yablon , regional manager of the firm’s Phila- delphia office. The asset sold for $2,200,000. Clarke Talone , Ridge MacLaren and Andrew Townsend , investment spe- cialists inMarcus &Millichap’s Philadelphia office, represent-
“The Archview Apartments represented a highly sought after value-add opportunity,” said Talone. “Due to its out- standing location inManayunk near Main Street and the train station, the new owner will be able to significantly increase rents after a unit renovation program.” The Archview Apartments is located at 108-110 Levering St. in Philadelphia. Situated in the heart of the Manayunk, the historic building features 19
The Archview Apartments
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