9-28-12

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MacLaren, Talone and Townsend, represented the seller $25.1 million Bucks Countymultifamily property sold by Marcus & Millichap produce strong returns,” adds MacLaren.

ISSUE HIGHLIGHTS Volume 24 Issue 18 Sept. 28 - Oct. 11, 2012 ProjectoftheMonth: 2.0 University Place

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EVITTOWN, PA — Marcus & Millichap Real Estate Invest-

include panoramic terraces, newly renovated and upgrad- ed kitchens, wall-to-wall car- peting andmodern appliances. Some units have washers and dryers. On-site amenities include two pools, two tennis courts, a gym, community rooms, covered and non-cov- ered parking, a 24-hour front desk, upgraded elevators and more. “This amenity-filled build- ing is located in a safe, attrac- tive neighborhood surrounded by open space, park areas, and one of the region’s most beautiful and architecturally distinctive communities. Situ- ated halfway between New York City and Washington, D.C., Philadelphia continues to attract a strong and steady stream of renters,” added Rosen, who noted the buyer implemented a renovation project in order to render the asset more competitive. Rents at Chestnut Hill Tower start at approximately $750 for studios and $1,500 for a three- bedroom unit. n “The low interest rate en- vironment, strong apartment fundamentals and next year’s potential increase in capital gains taxes are spurring buyer interest in quality Delaware Valley apartment communi- ties,” MacLaren concludes. Chesterfield Apartments was built in 1974 on 15.5 acres. The community consists of 10 buildings containing 153 one-bedroom units, 93 two- bedroom apartments and one three-bedroom house. Amajor- ity of the units have been up- dated with new kitchens and baths. Many units also feature washers and dryers. Common area amenities include a swim- ming pool, fitness center and clubhouse. n

ment Services has brokered the sale of the Chesterfield Apartments, a 247-unit multi- family property in the planned community of Levittown. The sales price of $25.155 million equates to $101,842 per unit and $143 psf. Donald “Ridge” MacLar- en , a first vice president in- vestments, and senior as- sociates Clarke Talone and Andrew Townsend , all in Marcus & Millichap’s Phila- delphia office, represented the seller, a multifamily REIT. They also procured the buyer, a local partnership. “Chesterfield Apartments is a very well-maintained property in a strong Lower

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Market Square at Frederick signs 25,000 s/f lease

Chesterfield Apartments

Bucks rental market,” said MacLaren. “The seller did a terrific job improving the asset over their hold period and was

rewarded with a tremendous amount of buyer activity. The buyer has acquired a well- performing asset that should

228-unit high-rise located at 7600 Stenton Ave. Gebroe-Hammer Associates handles $16.75 million multifamily sale in Philadelphia, PA

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Mid Atlantic R EAL E STATE J OURNAL F ALL P REVIEW 2012 Fall Preview

Philadelphia, PA — Gebroe-HammerAssociates recently announced the $16.75 million sale of Chestnut Hill Tower, a 228-unit high-rise located at 7600 Stenton Ave. The firm’s investment bro- kerage team of Joseph Bre- cher , executive vice presi- dent, and Eli Rosen , senior vice president represented the seller, an out-of-state

MidAtlantic RealEstateJournal— September 28 -October12, 2012—SectionB

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M ILES B ERGER T HE B ERGER O RGANIZATION

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R OBERT D EMMETT W ITHUM S MITH + B ROWN ,PC

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J ONATHAN W.H IPP C ALKAIN C OMPANIES

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Section B

Directory

Auction News/Directory................ 6-7A Owners, Developers & Managers 9-28A Green Buildings......................... 19-25A Shopping Centers...................... 29-41A People on the Move....................... 42A Calendar of Events. ........................ 43A Fall Preview. .......................... Section B

Chestnut Hill Tower

private owner, and identi- fied the buyer, a long-time Gebroe-Hammer client, in this sale. Situated on 5.31 acres in the upscale Chestnut Hill neighborhood, the 18-story luxury building also includes 12 ground-floor retail units. “The multi-family housing industry in Philadelphia has continued to steadily improve, even in the face of

the economic downturn. We have experienced growing demand from local owners, as well as investors from outside the region, all of whom rec- ognize the long-term invest- ment potential in apartment buildings city-wide,” said Brecher. Chestnut Hill Tower in- cludes a mix of studio, one-, two- and three-bedroom lay- outs. Spacious floor plans

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