Marcus & Millichap Sells 160-Unit Apartment Complex in Philadelphia

PHILADELPHIA, Dec. 21, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Beechwood Gardens, (top left photo)  a 160-unit, 140,000-square foot apartment complex in Philadelphia.

The sales price of approximately $10.5 million represents approximately $65,000 per unit and $75 per square foot.

Ridge MacLaren, (top right photo) a vice president investments and senior director of the firm’s National Multi Housing Group, along with multifamily investment specialists Clarke Talone (middle left photo) and Andrew Townsend, (bottom right photo)  in Marcus & Millichap’s Philadelphia office, represented the seller, Home Properties. The buyer was a New York-based LLC.

“In this supply constrained, far northeast Philadelphia location, rental demand will remain strong for years to come,” states MacLaren. “Home Properties managed the property well, which makes this a turn-key investment for the buyer. Combined with the attractive financing terms available, this is an excellent acquisition.”

The property is located at 9805 Haldeman Ave. in Philadelphia, with easy access to U.S. Route 1 and Interstate 95. Southeastern Pennsylvania Transportation Authority regional rail lines provide convenient transportation to Center City.

Built in 1967 on 5.7 acres, Beechwood Gardens contains 80 one-bedroom and 80 two-bedroom apartments. More than two-thirds of the units have been renovated by the seller. Marcus & Millichap’s marketing efforts produced nearly 30 property tours and 20 written offers.

“This transaction indicates that buyers are anxious to take advantage of the excellent agency debt available,” adds MacLaren. “Well-priced real estate in solid infill locations will continue to generate significant buyer interest in this market.”

Press Contact: Stacey Corso, Communications Department, (925) 953-1716