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Apartment Complex Commands $30M

PHILADELPHIA-The all-cash deal moved the buyer into the ownership position of the 506-unit multifamily property, which then finished out the foreclosure process.

By Ryan Clark | Updated on August 09, 2011

PHILADELPHIA-Locally based Resource Real Estate, in a joint venture with a Northeast-based private hedge fund, purchased the whole mortgage loan for the School Lane House Apartments here.  Mark Thomson and Zachary Pierce of Marcus & Millichap Real Estate Investment Services represented the seller, a regional northeast bank. Pierce points out that the buy was not a note sale, the buyer took the lender’s position and finished out the foreclosure process taking over control of the 506-unit apartment property for $30 million.

The original lender, which was undisclosed, had been marketing the property and had gotten some hints of offers in the low-to-mid-$20-million range, when they handed the assignment over to Marcus & Millichap. Thomson and Pierce tell GlobeSt.com that “exposing the asset in a more disciplined way” helped to generate higher bids for the property. There were some restrictions, as per the bank.

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