Just Closed: Marcus & Millichap Sells 78 Units in Bucks County for $10.6M
MacLaren | Talone | Townsend Group of M&M
Multifamily & Affordable Housing Specialists at Marcus & Millichap
CHALFONT, Pa, April 20, 2018 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Grey Friars at Chalfont, an apartment complex comprised of 26 one-bedroom/one-bath units, and 52 two-bedroom/one-bath units located in Chalfont, Pa. The asset sold for $10,692,000.
Ridge MacLaren, Clarke Talone, Andrew Townsend, and Daniel Bernard, investment specialists in Marcus & Millichap’s Philadelphia office, facilitated the transaction and represented the buyer, a limited liability company.
“Presently, there is limited quality inventory in the Bucks County market,” said Talone. “Buyers remain aggressive and are extremely eager to deploy capital.”
Grey Friars at Chalfont is located at 4106 Grey Friars Terrace in Chalfont, Pa. The 78-unit garden-style apartment complex is comprised of eight 2-story buildings set on 8.89 acres.
“The buyer intends to implement a unit renovation plan,” added Talone. “Due to the strength of the location, there is significant rental upside with upgraded kitchens and bathrooms.”
Chalfont is a very desirable location in Bucks County, with easy access to highways US 202 and PA 309. Regional rail service into Center City Philadelphia is located less than five minutes away at Chalfont Station.
For more information, reach out to:
- Clarke Talone at 215-531-7021
- Ridge MacLaren at 215-531-7019
- Andrew Townsend at 215-531-7020