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 Monticello Heights, a 21-unit apartment property located in Harrisburg, PA, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $5,950,000.
Craig Dunkle, Jackson Day and Mher Vartanian, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a developer. The buyer, a limited liability company, was secured and represented by Dunkle and Day. Beuche, Marcus & Millichap’s broker of record in Philadelphia, assisted in closing this transaction.
“We brought this unique 21-unit townhome subdivision out to market at just over $285,000 per door, which was slightly aggressive for the Harrisburg submarket. Although three units became vacant during the marketing process, we overcome this obstacle by assisting ownership with the re-leasing process. As a result, we successfully rented each unit for an extra $1,000 per month,” said Dunkle. “We turned our efforts into an attractive narrative that demonstrated significant value to both the seller and the buyer, and quickly closed out yet another successful transaction in the Harrisburg metropolitan area.”
Built in 2010, Monticello Heights is located at 2787-2789 Monticello Ln in Harrisburg, PA. Each unit was built with impeccable construction standards and larger floor plates than any competing townhome in the market. Rents have increased by an impressive 6.4 percent over the past year, which is the strongest annual performance recorded in over 10 years.
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.
