Northridge Townhomes at 134 West Ridgewood Ave. in Pleasantville
By Joshua Burd
An 87-unit townhome complex in Atlantic County has changed hands for more than $8 million, in one of three newly announced transactions by Marcus & Millichap.
The firm on Monday detailed three recent investment sales in and around Philadelphia. They include the sale of Northridge Townhomes at 134 West Ridgewood Ave. in Pleasantville, which traded for $8.3 million.
Also included were the $11 million sale of Farrand Village, a 165-unit property in Wilmington, Delaware, and the $6.6 million trade of 135-137 North 3rd St., a Philadelphia property with 16 apartments and two retail spaces.
“We are seeing a high level of buyer demand for workforce housing Class B and C assets, as well as urban trophy multifamily and mixed-use properties,” said Andrew Townsend, first vice president, investments, in Marcus & Millichap’s Philadelphia office. “Both product types are performing very well in the Philadelphia MSA due to the diverse and tight job market. Market conditions make this a terrific time for sellers and the depressed level of inventory, continued low interest rates, strong fundamentals, and increased buyer pool ensure the market for apartment assets will remain extremely competitive.”
Townsend marketed all three properties alongside Marcus & Millichap’s Ridge MacLaren, Clarke Talone and Daniel Bernard. The deals closed within a span of four weeks.
“Multifamily investments in the Delaware Valley typically provide investors with an attractive yield and better regulatory environments than New York or Washington, D.C.,” Talone said. “We are seeing an abundance of new, out-of-area capital coming into the Philadelphia market, which has created a new buyer pool. A number of our transactions this year were purchased by buyers that are new to this market.”