Marcus & Millichap Arranges the Sale of a 12-Unit Apartment Building
Jeremy Berinson, Lawrence Gariano and Michael A. Hinchman, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a limited liability company, was secured and represented by Jeremy Berinson, Lawrence Gariano, Michael A. Hinchman and Vince Peruto, investment specialists in Marcus & Millichap’s Philadelphia office. Beuche, broker of record in Philadelphia, assisted in closing this transaction.
Built in 1950, Waverly Walk is located at 1214 Waverly Walkway in Philadelphia, PA. The property is a total of 6,144 square feet and consists of 12 one-bedroom units, four of which are loft style and can be converted to two-bedroom units. The units have been renovated with new HVAC and in-unit washer and dryer sets. The property is in one of the strongest and most stable rental markets of Midtown Village - Center City.
“This was a smooth transaction all the way through, closing at $254,000 per unit” said Berinson. “There was great collaboration within our entire team that helped the sale go off without a hitch. We’re ecstatic by the level of execution. Congratulations to both buyer and seller!”
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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.