MacLaren • Talone • Townsend Sell Center City Apartment Buildings
CLOSED May 2015: 118 N Lambert & 2036 Race | Philadelphia, PA
PHILADELPHIA, PA, May 19, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of two multifamily properties totaling 8 units, located in Center City Philadelphia, PA, according to Brenton James Baskin, regional manager of the firm’s Philadelphia office. The assets sold for $1,350,000.
Clarke Talone, Andrew Townsend and Philip Sharrow, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the properties on behalf of the seller, an individual/personal trust. The buyer, a private investor, was secured and represented by Philip Sharrow, Clarke Talone and Andrew Townsend, investment specialists in Marcus & Millichap’s Philadelphia office.
The properties are located at 118 North Lambert Street and 2036 Race Street in the popular Logan Square section of Philadelphia, PA. “Both properties hold a young professional tenant base with zero vacancies. Rents were slightly below market. Also, with the ability to upgrade units, bidders immediately saw the upside. With that upside present combined with the current strength of the market, the seller understood there was no better time to capitalize and liquidate,” said Philip Sharrow.
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About Marcus & Millichap (NYSE: MMI)
With nearly 1,500 investment 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 7,600 transactions in 2014 with a value of approximately $33.1 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
Fannie & Freddie Hit the Brakes on Multifamily Lending
Fannie Mae and Freddie Mac are trying to reign in robust multifamily lending that has them racing toward their annual production caps very early in the year.
Fannie and Freddie have introduced rate hikes over the past few weeks and tightened underwriting as a means to slow lending activity.
“I think CMBS, life insurance companies and commercial banks are going to be able to step in and pick up the void,” said William E. Hughes, a senior vice president with Marcus & Millichap Capital Corporation.
Click here to read the full article on the National Real Estate Investor website
Marcus & Millichap Releases 1st Quarter Apartment Research Market Report
Marcus & Millichap’s 1st Quarter Apartment Research Market Report has been released. Overall, vacancy decreased while rents increased. Against a background of growing demand drivers, Philadelphia is in the midst of a construction cycle that may be seen as a response to growing rental housing demand and shifting housing preferences away from ownership.
Click the link below to view the full report.
Philadelphia: A City of Choice
“Philadelphia is a city of firsts. Steeped in history, it is also a modern renaissance city. And now, a new generation is making Philadelphia its city of first choice,” says writer Susan Burnell. The city has reclaimed its reputation as a thriving city, thanks in part to its growing population of young and educated professionals.
Center City Sustains Momentum
PHILADELPHIA, PA, February 19, 2015 –The Center City District released its annual housing report Tuesday, and the news was positive. Asking rents are up in every neighborhood, and there appears to be no need to worry about overbuilding, thanks to strong and consistent demand. Click the links below to read the full report, as well as two follow-up articles by PlanPhilly.com and Philly.com. Take advantage of the unprecedented momentum by contacting us today to learn about our current Philadelphia listings, or for a detailed valuation of your property.
Click here to view the Center City District’s annual housing report in its entirety
PlanPhilly.com – “Center City District: Surging Philly Apartment Market Fueled by Real Demand”