Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Eli Court, an 88-unit apartment property comprised of studio and one bedroom units, located in Philadelphia, Pa. The property sold for $4,300,000.
Fred Paisley, vice president investments, of Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a locally based private real estate company. Acquiring the property in 2011 notable improvements include: new electric service, individual heating and air conditioning units, solar enhancements to the hot water system, and unit upgrades. The buyer, a limited liability company, was secured and represented by Paisley as well.
“Eli Court is a stabilized property, with an affordable restriction on tenancy, enabling the opportunity to finance with attractive long-term agency debt through the affordable work force lending program,” said Paisley. “The clients were able to add a well performing asset, with rental upside, to their existing portfolio of affordable work force housing.”
Eli Court is located at 1418 W. Conlyn Street in Philadelphia, Pa., just a few blocks from the Broad Street Subway Line, near Einstein Medical Center, and LaSalle University.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 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 9,472 transactions in 2018 with a value of approximately $46.4 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.
