$47.25 Million Buys 502 Apartment Units in Northwest Philadelphia, PA

Charter Court at East Falls, Philadelphia, PA

Clark Talone

PHILADELPHIA, PA  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Charter Court at East Falls, a 502-unit high-rise apartment complex in Philadelphia’s East Falls neighborhood. 

The $47,250,000 sales price equates to $94,124 per unit.

            Clark Talone and Andrew Townsend, senior associates, and Ridge MacLaren, first vice president investments, all in Marcus & Millichap’s Philadelphia office, represented the seller, Resource Real Estate. Talone, MacLaren and Townsend also advised the buyer, Treetop Development.

Mark Thomson and Zachary Pierce, formerly of Marcus & Millichap, also took part in the transaction.

Andrew Townsend

            “The Charter Court sale typifies the strength of the multifamily market in Philadelphia today. Buyers from North Jersey recognized the ability to grow rents significantly in the hot East Falls neighborhood,” says MacLaren.

            “Treetop took advantage of the opportunity to acquire immediate scale in a thriving location,” adds Talone. “The property’s strong current occupancy will generate cash flow while Treetop embarks on a $7 million renovation program.”

            The property is located in a quiet, tree-lined setting at 5450 Wissahickon Ave. in Philadelphia, two blocks from the Queen Lane Southeastern Pennsylvania Transportation Authority (SEPTA) station, which provides easy access to Center City.

            Charter Court at East Falls consists of two 11-story buildings, six commercial spaces, two surface parking lots with a total of 256 parking spaces and a 55-space parking garage. The unit mix is 85 studios, 243 one-bedroom units, 155 two-bedroom apartments, 10 three-bedroom units, two-four-bedroom units and one five-bedroom apartment.

Ridge MacLaren

Shared amenities include a resort-style pool area with cabanas, a business center, a fitness center, pet spa and door attendant. The previous owner completed a nearly $5,000,000 renovation program that included upgraded amenities, common areas, hallways and many unit interiors.

            “Resource was rewarded by having a strong vision for this property several years ago,” notes Townsend. “They did a lot of the ‘heavy lifting’ and delivered a stable, improved property with significant upside to a strong sales market.”

  

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

Gina Relva

Public Relations Manager

(925) 953-1716