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 Parkside Apartments said Sean Beuche, regional manager and Pennsylvania broker of record, who assisted in the closing. The sixteen-unit, 11,980 square-foot apartment complex is located at 120 Parkway Blvd, Kingston, Pennsylvania 18704.
“We previously sold Parkside Apartments in October as part of a three-property portfolio located within Kingston’s submarket. Our team assisted the seller in putting together a business plan to capitalize on expiring leases with significantly below market rents. In doing so, we were able to increase the in-place NOI by over $17,000 compared to what it was two months ago. This had a profound impact on the cap rate of the deal, making it much more attractive to our pool of investors,” said Jeremy Ryan, associate.
This location offers a suburban-urban balance for tenants, as Kingston is a short distance from the city center. Parkside Apartments is 100% occupied with below market rents for the Kingston area, just opposite Wilkes-Barre on the Susquehanna River. Each apartment has a spacious living room, a kitchen with a dining bar, a full bath, thermostats, and a washer/dryer within each unit. In addition, tenants have access to storage units in the basement of the building.
“Within just a few weeks of marketing, we were able to procure multiple offers from several groups of buyers, both local and out of state. Ultimately, we ended up selecting a buyer who has an existing portfolio in the area along with the capability to close all cash in under 30 days, which was the main goal for our seller to get this deal across the finish line before year’s end,” added Ryan. Craig Dunkle, senior vice president investments and Mher Vartanian, vice president investments assisted Ryan in closing this transaction.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
