Marcus & Millichap (NYSE: MMI), announced today the sale of The Townes at Margaret’s Grove, a 13-unit apartment property located in Harrisburg, PA, according to Sean Beuche, Regional Manager and Broker of Record of the firm’s Philadelphia office. The asset sold at a 6.25% CAP rate for a sales price of $2,387,500, or $183,650 per unit.
Craig Dunkle, an investment specialist, and team lead of The Dunkle Group of Marcus & Millichap’s Philadelphia office had the exclusive listing to market the property on behalf of the seller, a limited liability company. “The sales price per unit exceeded market expectation. We were able to sell the asset at the top of the market, and broke local records on price per door (over a 180K a unit) for investment townhome portfolio sales within the local submarket.” says Dunkle.
The Townes at Margaret’s Grove is located at Newtown Drive in Harrisburg, PA and has easy access to highways and amenities. The property will also soon benefit from a nearby development that will bring in several new retailers. All 13 units are oversized with an average square footage of 1,975 SF and are currently occupied. “The asset stood out as a premium offering and is considered to be a higher-end townhome product here locally.” Says Dunkle. “Understandably, these units are highly sought after by the regional rental community. They are very well positioned within the Harrisburg “Linglestown” submarket, making this a sound investment for the new buyer.”
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.