Ashland Terrace, 711 Ashland Avenue, Secane, PA
SECANE, PA—Marcus & Millichap brokered the sale of Ashland Terrace, a 27-unit apartment property comprised of 6 one-bedroom units and 21 two-bedroom units, at 711 Ashland Avenue, Secane, PA, an unincorporated community in Ridley Township and Upper Darby Township, Delaware County. The well-maintained property sold for $1.85 million.
Clarke Talone and Andrew Townsend, both first vice president investments, Daniel Bernard, associate, and Ridge MacLaren, senior vice president investments in Marcus & Millichap's Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a private partnership.
The long-term owner had made several significant upgrades including substantial roof work, replacing boilers, and updated kitchens over the years. The buyer, a regional company, was secured and represented by the Philadelphia-based investment sales team as well.
“The property was only on the market for 30 days and generated 15 tours,” says Talone. “The response we received from the market is reflective of the continued demand for multifamily properties, especially properties with upside in rents, such as Ashland Terrace.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
