Real Estate Journal — Owners, Developers & Managers — 2017 Walter R. Cohn, Esq. Memorial EXPO— March 24 - April 13, 2017 — 17B


M id A tlantic

2017 W alter R. C ohn , E sq . M emorial EXPO

Harrison multifamily development site Marcus & Millichap NJ office completes sale of land $6 million

arrison, NJ — Marcus & Millichap, announced the sale of Harrison Multifamily De- H

according to Brian Hosey , regional manager of the firm's New Jersey office. Ben Sgambati, VP In- vestment and Alan Cafiero , VP Investment, investment specialists in Marcus & Mil- lichap's New Jersey office, had the listing to market the prop- erty on behalf of the seller, a limited liability company. The team also secured and repre- sented the buyer, a developer. Harrison has become one of the fastest growing cities in the Metropolitan New York, New Jersey and Pennsylvania areas. n

Ben Sgambati

Alan Cafiero

velopment Site, located in Harrison, NJ, for $6 million, Wissahickon Apts. trades hands at $3.8 million

Harrison, NJ aerial

Wissahickon Apartments

PHILADELPHIA, PA — Marcus & Millichap an- nounced the sale of 58-units in Germantown neighborhood of Philadelphia. The contigu- ous properties, Wissahickon Apartments and 5228-5232 Laurens St., sold for $3.8 million. “The buyer saw an oppor- tunity to reposition the asset to attract the neighboring Drexel medical students and Center City commuters due to the property’s transit ori- ented location,” said Fred Paisley , vice president in- vestments in Marcus &Milli- chap’s Philadelphia office. “To keep up with the market shift toward rentals and popula- tion growth, apartments are being acquired, renovated and repositioned throughout the East Falls, Germantown submarket.” Paisley and Jonathan Massaro , investment spe- cialist in the firm’s Philadel- phia office, had the listing to market the property on behalf of the seller. Paisley secured and represented the buyer. Wissahickon Apartments is comprised of 52 one, two and three-bedroom units located at 5215 Schuyler St. in Phila- delphia, PA. The historically registered property was con- structed in 1910 and operated as a hotel before renovations in mid-1980s. n

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