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| 7400 Roosevelt Blvd. Apartments, Philadelphia, PA |
PHILADELPHIA, PA– Marcus & Millichap Real Estate
Investment Services, the nation’s largest real estate investment services firm,
has announced the sale of 7400 Roosevelt Boulevard, a 196-unit apartment
property located near the intersection of Cottman Avenue and Roosevelt
Boulevard in northeast Philadelphia, according to Spencer Yablon, vice
president and regional manager of the firm’s Philadelphia office.
The asset commanded a sales price of $9,704,500 which
translates to $49,513 per unit.
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| Ken Wellar |
Ken Wellar and Corey Lonberger, investment
specialists in Marcus & Millichap’s Philadelphia office, had the exclusive
listing to market the property for sale. Wellar and Lonberger also procured and
represented the seller.
“There was tremendous investor interest in this asset
because of the location, the opportunity to add value through a capital
improvement program and the potential to increase rents,” says Wellar.
“The transaction involved the assumption of an existing CMBS
loan, which made buyer selection critical,” adds Lonberger. “The investor is a
well-established local owner with experience assuming complex mortgages. The
new owner sees terrific upside in repositioning the property,” continues
Lonberger.
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| Corey Lonberger |
“The sale was an exercise in patience- and trust-building
between the buyer and seller,” Lonberger concludes. “It didn’t happen
overnight, as the assumption took some time, but both parties worked steadily
towards successful settlement.”
For a complete copy of the company’s news release, please
contact:
Spencer Yablon
Vice President/Regional Manager,
Philadelphia
(215) 531-7000
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