“Delayed marriages, an aging population and international immigration are increasing a pressing need for new apartments, to the tune of 4.6 million by 2030,” according to a new study commissioned by the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA). The growing demand is due to an aging population, immigration, and declining home purchases.
Bethlehem Apartments is a 24-unit garden-style apartment community in Bethlehem, PA. The asset sold in June 2017 for $2,040,000.
BETHLEHEM, Pa., June 5, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Bethlehem Apartments, a 24-unit garden-style apartment community in Bethlehem, Pa. The asset sold for $2,040,000.
“The new owner plans to continue a renovation program on the apartments to meet competitive rents in this submarket of Bethlehem,” says Daniel Bernard, an associate in the firm’s Philadelphia office.
Bernard, teamed with Ridge MacLaren, senior vice president investments, Andrew Townsend, first vice president investments, and Clarke Talone, first vice president investments, all in the firm’s Philadelphia office, to market the property on behalf of the seller and procured the buyer. Brenton Baskin, served as Marcus & Millichap’s broker of record on the transaction.
Bethlehem Apartments is located at 1872 Livingston Street in Bethlehem, Pa., off of Stefko Boulevard. The apartment community consists of 24-units in eight buildings, a mix of studios and two-bedroom apartments.
“Demand for multifamily properties in the Lehigh Valley continues to outpace supply. We have seen a tremendous amount of capital looking for investments locally,” adds Talone.
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About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
Marcus & Millichap’s 2nd Quarter Multifamily Research Market Report for the Philadelphia Metro Area has been released. The Philadelphia apartment market is off to a strong start in 2017, as job growth aids household formation, underpinning apartment demand.
Click the link below to view the full report.
Marcus & Millichap’s 2017 National Apartment Report has been released. The report predicts that healthy employment growth throughout the metro will support multifamily demand. In addition, strong operations and above-average yields are encouraging investment. Assets in Center City will receive the most investor interest, as its status as an employment hub and entertainment district draws a deep pool of renters. For more information about this, along with additional valuable market insight, take a look at the 2017 National Apartment Report. Call us today to discuss how we can assist you with your strategy.
Click the links to below to view the report.
2017 U.S. Multifamily Investment Forecast – Full Report
2017 U.S. Multifamily Investment Forecast – Philadelphia Page
The Philadelphia Multifamily Summit will be held from 8 a.m. to Noon on Thursday, February 2.
MacLaren | Talone | Townsend’s very own Clarke Talone will be speaking at the Philadelphia Multifamily Summit, presented by the Mid Atlantic Real Estate Journal. The summit will take place from 8 a.m. to Noon on Thursday, February 2, at the Hilton Philadelphia City Avenue.
Topics of discussion will include:
Clarke, a Director at Marcus & Millichap, will be speaking about the future of apartment investments in Philadelphia. CAP Rates, evaluating properties in today’s marketplace, the economy and housing market, ideas to help improve yield, and growing trends in the industry are just some of the topics that will be covered in this segment.
This informative summit is a fantastic opportunity for those involved in the Philadelphia Apartment Market to gain a firm understanding of what to expect in 2017. The summit will adjourn at Noon, with the opportunity for networking with others in attendance.
Marcus & Millichap’s 4th Quarter Multifamily Research Market Report for the Philadelphia Metro Area has been released. The Philadelphia apartment market is poised for another solid year as the expanding local economy intensifies demand for apartments, enabling rent hikes and keeping vacancy low amid a flood of development.
Click the link below to view the full report.
Victory Estates – Located in Slatington, Pennsylvania – Traded in December 2016 for $3.6 million.
SLATINGTON, PA, December 19, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Victory Estates, a 58-unit multifamily community located in Slatington, PA. The $3.6 million sales price equates to approximately $62,069 per unit.
“The Lehigh Valley boasts a stable rental market,” said Clarke Talone, Vice President Investments. “The strong fundamentals 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, along with Ridge MacLaren and Andrew Townsend, all of whom are investment specialists in the firm’s Philadelphia office, represented the seller, a private partnership who owned the asset for over 35 years.
The buyer, a long-term Lehigh Valley private investor, was procured by Mark Krantz, Associate, and Derrick Dougherty, Vice President Investments. 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 investment properties.
Victory Estates was constructed in 1977 and features a mix of two- and three-bedroom townhomes and garden-style units. Every unit features a full-size kitchen, washer and dryer, and central-air. The property is located in Slatington, Pa., just 13 miles north of Allentown.
Marcus & Millichap’s 3rd Quarter Multifamily Research Market Report for the Philadelphia Metro Area has been released. The outlook of the Philadelphia apartment market continues to remain bright, as expanding payrolls and a respectable rate of household formation provide plenty of momentum to sustain a strong apartment sector in the Philadelphia metro in the near term. The strong performance of multifamily assets is reinforcing property values and maintaining a heightened level of transactions in the market.
Click the link below to view the full report.
Clarke Talone, second from left, served as a panelist at the Mid Atlantic Real Estate Journal’s 2016 Philadelphia Forecast event, held September 16 in Philadelphia.
MacLaren | Talone | Townsend team member Clarke Talone served as a panelist at the Mid Atlantic Real Estate Journal’s 2016 Philadelphia Commercial Forecast Summit, which took place September 16, at the Hilton Philadelphia City Avenue.
Clarke served as a panelist during the “Apartment Market/Multifamily Overview”. Topics in this segment included:
MacLaren | Talone | Townsend team member Clarke Talone will be serving as a panelist at the Mid Atlantic Real Estate Journal’s 2016 Philadelphia Commercial Forecast Summit, set for 8 a.m. to Noon on Friday, September 16, at the Hilton Philadelphia City Avenue.
Topics will include:
Clarke will be serving as a panelist during the “Apartment Market/Multifamily Overview”. Topics in this segment will include:
Register at MAREJournal.com.