Marcus & Millichap arranges the $1.35m sale of 8-units
PHILADELPHIA, PA — Marcus & Millichap announced the sale of two multifamily properties totaling 8 units, located in Center City Philadelphia, according to Brenton James Baskin, regional manager of the firm’s Philadelphia office. The assets sold for $1.35 million. Clarke Talone, Andrew Townsend and Philip Sharrow, investment specialists in Marcus & Millichap’s Philadelphia office, had the listing to market the properties on behalf of the seller, an individual/personal trust. The buyer, a private investor, was also secured and represented by Sharrow, Talone and Townsend. The properties are located at 118 North Lambert St. and 2036 Race St. in the popular Logan Square section of Philadelphia, PA. “Both properties hold a young professional tenant base with zero vacancies. Rents were slightly below market. Also, with the ability to upgrade units, bidders immediately saw the upside. With that upside present combined with the current strength of the market, the seller understood there was no better time to capitalize and liquidate,” said Sharrow.