IPA arranges 1,176-unit multifamily portfolio sale

King of prussia, PA Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has arranged the sale of a 1,176-unit multifamily portfolio that includes The Marquis, a 641-unit multifamily complex that sold for $68 million. IPA executive directors Steve Witten and Victor Nolletti, along with Marcus & Millichap vice president investments Mark Thomson and senior associate Zachary Pierce, represented the principals in the transactions. In the sale of The Marquis, Candlebrook Marquis Property Owner LLC purchased the property from Marquis Associates LLP. "This portfolio provided investors with a once-in-a-generation opportunity to acquire underperforming assets in exceptional locations," said Nolletti. "The acquisitions provide the new owners with tremendous opportunities to add value and return these assets to prominence within their respective submarkets," adds Witten. "Our understanding of the properties and the buyers' vision for them was an important element of the sale," notes Pierce. "We conducted more than 40 property tours, received numerous offers and matched the right buyers with the right assets." Built on 26 acres in 1968, The Marquis is prominently located at 251 West DeKalb Pike in King of Prussia, Pa. The unit mix features studio-, one-, two- and three-bedroom apartments and more than 22 different floor plans. In other recent transactions, Witten and Nolletti closed 124 units in Stamford, Conn. for $45,100,000, 597 units in Hartford, Conn. for $29,500,000 and 168 units in Orange, Conn. for $35,300,000. Thomson and Pierce closed 218 units in Harrisburg, Pa. for $25,625,000 and have 502 units on the market in the East Falls section of Philadelphia.