HATFIELD, PAMarcus & Millichap brokered the sale of 84 multi-family units worth $ 8.56 million Applegate Apartments and Applecore Apartments in Montgomery County.
Applegate Apartments, 72 units, located at 434 West Vine Street in Hatfield, PA. Applecore Apartments, with 12 units is at 464, 472 and 480 2nd Street in Souderton, PA. Both cities are known for their excellent suburbs and proximity to important employment centers.
Andrew Townsend and Clarke Talons, both first vice president investments, Ridge MacLaren, Senior Vice President-Investments and Daniel Bernardassociate, in Marcus & Millichap The Philadelphia office facilitated the transaction and represented the buyer, a limited liability company that was not identified. The buyer plans to begin renovations to modernize the property and increase rents to better suit the market.
"Multi-family households are still in great demand," says Talone, "Buyers are willing to accept low returns to improve a property and earn higher rents."
The seller was a family pen, which was also not identified by Marcus & Millichapwho had owned the property for decades.
"The seller was the second generation of the original builder of the property, which has owned it for 48 years," says Townsend,