Marcus & Millichap (NYSE: MMI), announced today the sale of Oak Grove Apartments, a 30-unitapartment property located in Middletown, PA, according to Sean Beuche, PA broker of record and regional manager of the firm’s Philadelphia office. The asset sold for $4,700,000, or $156,666 per unit.
The asset is made up of thirty 2-bedroom, 1.5 bath units and sold at the highest price per unit within the Middletown, PA submarket. Craig Dunkle and Mher Vartanian, investment specialists from the Dunkle Group of Marcus & Millichap’s Philadelphia office, represented both the buyer and seller in this transaction. “We are pleased to have had the opportunity to see this asset trade at the top of the market. Breaking local area records on the price per unit and trading this deal at a sub 6% CAP rate and achieving a 5.5% CAP sale was no easy feat.” says Vartanian. “The transaction highlighted the industry trends we’ve been seeing in the market. Secondary markets have remained strong throughout the pandemic and the vacancy rate of the asset decreased to 0% during the Under Contract period, showing the high demand in the market for garden style apartments.”
Oak Grove Apartments located at 227 E High St in downtown Middletown, PA, was beautifully constructed by a local high-end development company. The property is ideally located near Penn State’s Harrisburg Campus, a proposed Amtrak Station, major amenities, and shopping, making this a sound investment for the buyer. “Working with both the Buyer and the Seller took a tremendous amount of time and energy to keep the deal moving toward a successful close of escrow. We spent a lot of time working hand in hand with the appraisal team, third party inspectors, and the lending team to make sure every facet of the deal was on track and moving forward.” says Dunkle “Our commitment to this transaction was unwavering, and we are ecstatic the new buyer has another Class A asset in their portfolio.”
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 9,726 transactions in 2019 with a value of approximately $50 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.