Applegate Apartments, 434 West Vine Street, Hatfield, PA
HATFIELD, PA—Marcus & Millichap brokered the $8.56 million sale of 84 multifamily units in the Applegate Apartments and Applecore Apartments in Montgomery County.
Applegate Apartments, 72 units, is located at 434 West Vine Street in Hatfield, PA. Applecore Apartments, with 12 units, is located at 464, 472, and 480 2nd Street in Souderton, PA. Both towns are known for being excellent suburban locations and close to major employment centers.
Andrew Townsend and Clarke Talone, both first vice president-investments, Ridge MacLaren, senior vice president-investments, and Daniel Bernard, associate, in Marcus & Millichap's Philadelphia office, facilitated the transaction and represented the buyer, a limited liability company that was not identified. The buyer plans to begin renovations to upgrade the property and increase rents, so they are more in-line with the market.
“Value-add multifamily is still in high demand,” says Talone. “Buyers are willing to accept low current returns for an opportunity to improve a property and generate higher rents.”
The seller was a family trust, also not identified by Marcus & Millichap, which had owned the property for decades.
“The seller was the second generation of the original developer of the property, who had owned it for 48 years,” says Townsend.
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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].
