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 The Lofts at 909, a 26,300-square foot mixed-use property located in Harrisburg, PA, according to Sean Beuche, PA broker of record and regional manager of the firm’s Philadelphia office. The asset sold for $5,500,000 and a record-breaking price per unit of $220,000.
Craig Dunkle and Mher Vartanian, investment specialists in the Philadelphia office of Marcus & Millichap, exclusively represented a local private owner & developer in the sale, and Craig Dunkle also procured the purchaser, a local doctor from Penn State Hershey Medical Center.
The Lofts at 909 is located at 909 Green St in Harrisburg, PA. is a Class A apartment building consisting of: 22 High-End Luxury Apartment Units made up of a mix of studios and one (1) bedroom apartments located on the top 2 floors. The lower level of the building is made up of three (3) Class A office suites. This luxury building also offers a brand new Fully Gym w/ Lounge Area, Laundry Area, and Dedicated (Income Producing) Parking Area. The building was a fully renovated office to apartment building conversion recently completed in 2019. The Building is now 100% full renovated & full stabilized. Being that this is a conversion property, the hallways and stairwells of the building are 2.5 times the typical width of a standard apartment building – giving it a fresh, spacious, and airy feel that help exemplify this luxurious building. The subject property is perfectly located in Downtown Harrisburg, PA. on the corner of Green Street and Foster Street, which is approximately 1 block away from the State Capital Complex. Foster Street gives direct access to route 15 and is in close proximity to both I-83 & I-81. Just around the corner, is Harrisburg’s Restaurant Row, which features some of Central Pennsylvania’s premier chefs, including Rubicon and Manga Qui. Only three blocks South from the property is the historic Susquehanna River and Park.
“We could not be more excited for both the Buyer and Seller in this transaction. We were able to deliver this class A asset with management in-place, which accommodated the Buyer’s busy lifestyle, as well as deliver the property fully furnished with some last-minute improvements which added substantial value to the long-term operations of this well positioned, 100% leases & cash flowing Multi-family asset.” – “Not to mention we broke a local price per unit sales record achieving $220,000 Per Unit” – Said Craig Dunkle from The Dunkle Group and First Vice President of Investments for Marcus and Millichap Philadelphia who is local to the Harrisburg MSA.
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.