Marcus & Millichap handles $3.85 million sale of The Alcazar: A 26-unit apartment; Brokerage team: Von Der Ahe, Edelstein and Lefkovits

Marcus & Millichap Real Estate Investment Services has completed the sale of The Alcazar, a 26-unit apartment property located at 15 Wadsworth Ave., according to J.D. Parker, vice president and regional manager of the firm's Manhattan office. The asset commanded a sales price of $3.85 million and a capitalization rate of 6%. Peter Von Der Ahe, vice president investments, Scott Edelstein, associate vice president and Sean Lefkovits, an associate at Marcus & Millichap's Manhattan office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Lefkovits, Von Der Ahe and Edelstein, at Marcus & Millichap's Manhattan office. "This transaction shows that demand has gone up significantly given that it sold at nine times the rent roll and $148,000 per unit," said Lefkovits. "The sale of 15 Wadsworth is a clear indication that buyers are willing to pay top dollar for multifamily properties in Washington Heights," said Lefkovits.