$25.1 Million Bucks County Multifamily Property Sold by Marcus & Millichap

LEVITTOWN, Pa., Sept. 19, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of the Chesterfield Apartments (top left photo), a 247-unit multifamily property in the planned community of Levittown. The sales price of $25,155,000 equates to $101,842 per unit and $143 per square foot.

Donald “Ridge” MacLaren, a first vice president investments, and senior associates Clarke Talone and Andrew Townsend, all in Marcus & Millichap’s Philadelphia 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 Bucks rental market,” says 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 produce strong returns,” adds MacLaren.

“The low interest rate environment, strong apartment fundamentals and next year’s potential increase in capital gains taxes are spurring buyer interest in quality Delaware Valley apartment communities,” MacLaren concludes.

The 175,495-square foot property is located at 1338 Veterans Highway in Levittown, a suburban community situated at the southern end of Bucks County between Philadelphia and Trenton, N.J. Interstate 95, the Pennsylvania Turnpike, U.S. Route 1 and Route 413 are within close proximity. Public transportation in the area is provided by the Southeastern Pennsylvania Transportation Authority.

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. A majority of the units have been updated with new kitchens and baths. Many units also feature washers and dryers. Common area amenities include a swimming pool, fitness center and clubhouse.

Contact:

Stacey Corso
Public Relations Manager
(925) 953-1716