Just Closed: 96 Units in Reading, PA
- 96 Units with 30,000 Square Feet of Retail, Located in Downtown Reading, Pennsylvania
- Sold at List Price
- Value Add Through Rental Increases and Leasing Vacant Retail Spaces
- First Multifamily Purchase for Buyer
- Marcus & Millichap Capital Corp. Secured Freddie Mac Financing
READING, Pa., June 16, 2017 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Washington Towers, a 96-unit high-rise apartment building in Reading, Pa. The asset sold at list price for $5,750,000.
Dan Bernard, associate, along with Ridge MacLaren, senior vice president investments, Andrew Townsend, first vice president investments, and Clarke Talone, first vice president investments, all in the firm's Philadelphia office, marketed the property on behalf of the seller. Brenton Baskin served as Marcus & Millichap's broker of record on the transaction.
Washington Towers is located at 50 North 4th Street in Reading, Pa., just off of Penn Street. The high-rise building consists of 96 units, a mix of studio, one-, and two-bedroom apartments. There is 30,000 square feet of retail space located on the ground floor.