Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 718-720 & 724 South 3rd Street, a 7-unit apartment property located in Philadelphia, PA, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $1,187,500.
Clarke Talone, Luke Bianchino, Andrew Townsend, Daniel Bernard and Ridge MacLaren, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a locally based limited liability company. The buyer, a New York-based limited liability company, was secured and represented by Clarke Talone, Luke Bianchino, Andrew Townsend, Daniel Bernard and Ridge MacLaren,
718-720 & 724 South 3rd Street is located at 718 S 3rd St in Philadelphia, PA. The 7-unit portfolio is located in the desirable Queen Village neighborhood of Philadelphia. The excellent location, along with significant upside in rents through unit renovation, generated strong buyer activity.
“The seller had done a great job managing the property, but was focused more on occupancy than pushing rents,” said Clarke Talone. “The buyer plans to gradually renovate units and bring rents up to market levels.”
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
