PHILADELPHIA, Aug. 9, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the School Lane House Apartments’ (top left photo) whole mortgage loan. The sales price of the whole mortgage loan has not been disclosed.
Mark Thomson (middle right photo), an associate vice president, and Zachary Pierce, a multifamily investment specialist, represented the seller, an East Coast-based commercial bank, and procured the buyer, a JV between Philadelphia-based Resource Real Estate and a Northeast-based private hedge fund.
Resource Real Estate specializes in distressed real estate and has an ownership interest in and manages a real estate portfolio with an aggregate value of approximately $1.6 billion, which includes more than 21,000 apartment units and one million square feet of office, retail, industrial and hotel space nationwide.
“We were hired to find an all-cash buyer in 35 days,” says Thomson. “We streamlined the marketing process to ensure that all of the due diligence was completed up front. We conducted 27 property tours, generated 16 offers and closed on time at the price that the bank was looking for as a result of the competitive process,” adds Thomson.
“We were able to effectively market the transaction to a combination of institutional and private equity groups across the country,” continues Thomson. “Buyer types ranged from large local investment groups, REITs, distressed funds, note buyers and student housing funds.”
“There is a strong demand for larger assets today which was demonstrated by the amount of interest that we were able to generate in a very short amount of time,” reports Pierce. “The ultimate buyer put up a substantial nonrefundable cash deposit upon execution of the contract and closed with cash two weeks later.”
The property is located at the intersection of Wissahickon Avenue and School House Lane at 5450 Wissahickon Ave. in Philadelphia’s East Falls area.
The apartments are flanked by parkland and by the Germantown School’s sports fields. Philadelphia University, which is one block away, provides approximately 25 percent of the property’s tenant base.
School Lane House Apartments is a 338,546-square foot mixed-use property with 494 residential units and 12-retail units in two 11-story elevator buildings. There are six antenna leases, a 360-space surface parking lot and a 58-space parking garage. All six elevators are new, including mechanicals, cables and switchboards. The lobby is also new, as are the fitness center, the lighting and the carpet in the hallways.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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