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Brokerage
Posted: April 22, 2013
Marcus & Millichap completes $7.6 million sale of 48 - unit apartment complex; Lala, Townsend, Talone, and MacLaren rep both parties
According to J.D. Parker, VP and regional manager of Marcus & Millichap Real Estate Investment Service's Manhattan office, the firm arranged the sale of Hudson River View Garden Style Apartments, a 48-unit apartment property located at 39 Hudson Terrace. The asset commanded a sale price of $7.6 million.
Marco Lala, associate VP in the firm's Manhattan office, Andrew Townsend, senior associate, Clarke Talone, senior associate and Donald MacLaren, first VP investments in the Philadelphia office, represented the seller, a developer, and represented the buyer, a private investor.
"The sale of 39 Hudson Terrace at nearly $160,000 per unit is an indication of the very strong demand for quality, suburban, garden apartments. Marcus &Millichap national exposure combined with submarket specialization helped the institutional seller find the perfect private client. A collaborative effort between the Philadelphia and New York City offices resulted in procuring the perfect 1031 buyer expanding into the Westchester market," said Lala.
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