Marcus & Millichap Sells 387 Lancaster County, PA Multifamily Units for $28.2 Million



Windsor Court Townhomes



LANCASTER, PA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a portfolio of three multifamily properties totaling 387 units in Lancaster, Pa.

All three assets required assumptions of existing agency lender financing. The portfolio’s sales price is $28.2 million.

Cherryhill Villas

Two multifamily brokerage teams in Marcus & Millichap’s Philadelphia office forged a collaborative marketing effort on behalf of the seller, a Pennsylvania limited liability company.

The listing agents, Mark Thomson and Zachary Pierce, along with Ridge MacLaren, Clarke Talone and Andrew Townsend, also represented the buyer, a regional limited liability company.

Sweetbriar Apartments

“The portfolio includes three recently improved multifamily buildings in the burgeoning Lancaster area,” says Pierce. “These highly desirable assets were in excellent condition, having recently undergone improvements such as new windows, sliding patio doors, renovated pool areas and fitness centers.”

Windsor Court Townhomes, located at 1821 Hidden Lane with 126 units, is situated in a quiet, single-family neighborhood filled with mature trees and large estate homes in the western suburbs of Lancaster City.. The asset sold for $10.9 million or $73 per square foot.

Cherryhill Villas, at 560-02 Estelle Drive with 118 units, is just three miles down the same road, on 12 acres with manicured green space. It sold for $8.5 million or $98 per square foot.

Sweetbriar Apartments, located at 1917 Oregon Pike with 143 units, is on a heavily traveled corridor with convenient access to downtown’s retail and industrial employment opportunities, just a mile from all major highways. The asset sold for $8.8 million or $76 per square foot.

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