LANCASTER, PA-The trade of a portfolio of three multi-family properties here totaling 387 units has been completed by Marcus & Millichap Real Estate Investment Services. The buildings sold for $28.2 million, with existing mortgages assumed.
Two multi-family brokerage teams in Marcus & Millichap's Philadelphia office collaborated in marketing the properties for the seller, a Pennsylvania limited liability company. The listing agents, Mark Thomson and Zachary Pierce, along with Ridge MacLaren, Clarke Talone and Andrew Townsend, also represented the buyer, a regional real estate investor.
“The portfolio includes three recently improved multi-family buildings in the burgeoning Lancaster area,” said Pierce, in a release. “These highly desirable assets were in excellent condition, having recently undergone improvements such as new windows, sliding patio doors, renovated pool areas and fitness centers.”
MacLaren said there was competitive bidding, and “The investors were pleased to acquire three quality properties in a stable market. Despite the loan assumption requirement, the seller received an excellent price.”
Windsor Court Townhomes, located at 1821 Hidden Lane with 126 units, is situated in a single-family neighborhood of large estate homes in the western suburb of Lancaster City. It has a recently renovated fitness center, pool area and community room. The property sold for $10.9 million, or $73 per square foot.
Cherryhill Villas at 560-02 Estelle Drive, which has 118 units, is set on 12 landscaped acres and features unique French architecture and accents throughout the property. It sold for $8.5 million, or $98 per square foot.
Sweetbriar Apartments at 1917 Oregon Pike has 143 units with convenient access to downtown's retail and industrial employment opportunities, and is situated a mile from all major highways. The property sold for $8.8 million, or $76 per square foot.
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