Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Newtown Drive Luxury Townhomes, a 12-unit apartment property located in Harrisburg, PA, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $2,630,000.
Craig Dunkle and Jackson Day, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, an individual/personal trust, was secured and represented by Craig Dunkle and Jackson Day. Beuche, broker of record in Philadelphia, assisted in closing this transaction.
“The property generated multiple offers with several of them higher than asking price. However, the seller decided to go with an all-cash offer that was $20,000 below list given the contract to close timeline being under 30 days – which was extremely attractive,” said Dunkle.
Newtown Drive Luxury Townhomes is located at 2414 Newtown Dr in Harrisburg, PA, an affluent suburban area. Rents in the Harrisburg MSA have increased by an impressive 6.4 percent over the past year, the strongest annual performance recorded in over 10 years. Each of the 12 units range from 1,548 – 1,596 square feet. They all include three bedrooms, two full bathrooms and one half bathroom.
“The transaction went off without a hitch. The property traded at $220,000 a door, which set a record in the local submarket. The Dunkle Group, as well as the buyer and seller, could not be happier with the outcome of this successful close of escrow,” Dunkle added.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
