PRINCETON, NJ-Marcus & Millichap Real Estate Investment Services recently sold a 28-unit apartment property here. According to Spencer Yablon, regional manager of the firm’s Philadelphia office, the asset commanded a sales price of $3.98 million.
Charlie Classen and Ken Wellar, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a private investor, was also secured and represented by Classen and Wellar. Michael Fasano, who heads up the firm’s New Jersey operations, assisted in closing this transaction.
The Princeton portfolio is located at 114 Witherspoon St. and features 12 efficiency’s, a one-bedroom, several two-bedrooms, 10 three-bedrooms and three retail spaces. All 10 properties were constructed in the 1920s and are currently 100% occupied.
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