PHILADELPHIA, PA —Marcus & Millichap announced the sale of the Dynasty Court Apartments, a 56-unit apartment building located at 1003-1011 Race St. in the Chinatown neighborhood of Philadelphia. The property consists of 56 apartments, five retail storefronts on Race St. The asset sold for $16.6 million.
Andrew Townsend, first vice president investments, Ridge MacLaren, senior vice president investments, and Clarke Talone, first vice president investments, all of Marcus & Millichap’s Philadelphia office, had the listing to market the property on behalf of the seller, a local partnership who developed the property in 1982. Townsend, MacLaren, Talone, and Philip Sharrow, associate in Marcus & Millichap’s Philadelphia office, represented the buyer, a local development company. Matthew Rosenberg, director in Marcus & Millichap Capital Corp.’s Philadelphia office, arranged the acquisition financing.
“We had a tremendous amount of interest in this property due to the long term intrinsic value of the asset,” said Townsend. “Dynasty Court is one of the largest multifamily properties in Chinatown, and over half the units are large multi-level townhouses.”
“Our marketing process generated numerous offers from local investors and out-of-market investors as far as away as California,” adds Townsend. “Ultimately, the buyer stepped up and paid over the asking price to secure the deal.”