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| Beechwood Gardens Apartments, 9805 Haldeman Avenue, Philadelphia, PA |
PHILADELPHIA, PA– Marcus & Millichap Real Estate
Investment Services, the nation’s largest real estate investment services firm,
has arranged the sale of Beechwood Gardens, a 160-unit apartment
property in northeast Philadelphia. The asset sold for $13,000,000, which
represents $81,250 per unit.
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| Ridge MacLaren |
Clarke Talone, Ridge MacLaren, and Andrew Townsend,
investment specialists in Marcus & Millichap’s Philadelphia office,
facilitated the transaction between the seller, a New York-based limited
liability company, and the buyer, a local limited liability company.
“We sold this asset four years ago during a time when not
much was trading,” says Talone. “The
sellers did a good job managing the property and have consistently maintained
occupancy in the mid-to-high 90 percent range.”
“Beechwood Gardens represented an excellent opportunity for
the buyer to break into the strong northeast Philadelphia apartment market with
immediate scale,” adds Talone. “We worked with the buyer for several years
before we identified the right asset to pursue and ultimately execute our
strategy.”
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| Clarke Talone |
The buyer assumed an agency loan with a rate higher than
current market rates.
“The assumption process took some time, but the buyer and
seller were very cooperative with one another,” notes MacLaren. “This
transaction is indicative of the fact that there is an abundance of capital
pursuing quality multifamily assets right now.
“In fact, the supply of capital far outweighs the available
inventory of on-market properties,” MacLaren adds. “Therefore, well-priced real
estate in solid in-fill locations will continue to generate significant buyer
interest.”
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| Andrew Townsend |
Beechwood
Gardens is located at 9805 Haldeman Ave. in Philadelphia, with easy
access to U.S. Route 1 and Interstate 95. Southeastern Pennsylvania
Transportation Authority regional rail lines provide convenient transportation
to Center City, Philadelphia.
Built in 1967 on 5.7 acres, Beechwood Gardens contains 80
one-bedroom units and 80 two-bedroom apartments. Over two-thirds of the units have been renovated.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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