Saturday, February 2, 2013

Marcus & Millichap Sells 392 HUD Units in Camden, NJ for $16.1 Million



The Crestbury Apartments, Camden, NJ
CAMDEN, NJ – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has sold a multifamily property totaling 392 units in Camden. The asset was delivered free and clear of debt. The sales price is $16.1 million.

            The multifamily brokerage team of Ridge MacLaren, Andrew Townsend and Clarke Talone had the exclusive listing and forged a marketing effort on behalf of the seller, a New Jersey-based limited liability company.

Ridge MacLaren
The buyer, also procured by the listing team, was Tryko Partners LLC of Brick, N.J.

            “The buyer received excellent financing on this low-income property,” says Townsend. “The new owner plans to make substantial capital improvements including new windows, boilers, kitchens, bathrooms and landscaping, which will vastly improve quality of life for the tenants.”

Andrew Townsend
 “The buyer and seller worked together to navigate through bureaucratic issues, including a challenging assumption of a payment in lieu of taxes (PILOT) agreement,” adds MacLaren. “We congratulate both parties on a successful transaction that required a high degree of patience and confidence.”

The Crestbury is situated within a few miles of bridges heading into the city of Philadelphia. Built in 1950, it features one- and two-bedroom units overlooking a neighborhood park. 

   For a complete copy of the company’s news release, please contact:

Spencer Yablon
Vice President/Regional Manager
(215) 531-7000       


No comments:

Post a Comment