Marcus & Millichap Inc.
Marcus & Millichap Inc.
21/11/2024 | Press release | Distributed by Public on 21/11/2024 18:30
Marcus & Millichap Brokers $33.6 Million Multifamily Asset Sale in Southern New Jersey
Press Releases
Marcus & Millichap Brokers $33.6 Million Multifamily Asset Sale in Southern New Jersey
November 21, 2024
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MOUNT HOLLY, N.J., Nov. 21, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Mi-Place at West Rancocas 108, a newly constructed 108-unit multifamily asset in Mount Holly, New Jersey. The property sold for $33.6 million, or $311,111 per unit.
"This transaction exemplifies our commitment to maximizing asset value and managing complex deal processes," said Chez Eider, vice president investments in Marcus & Millichap's New Jersey office. "The strong interest we received from diverse buyer profiles, including institutions, private investors, and high-net-worth individuals speaks to the resilience and appeal of well-positioned multifamily assets like Mi-Place at West Rancocas." Eider and Andrew Townsend, senior vice president investments with Marcus & Millichap exclusively represented the seller, Feenmoor Homes. The buyer is Universe Holdings.
"The property has long-term payment in lieu of taxes agreements that shelter owners against tax increases or re-assessments, and all units are market-rate, making this an especially attractive investment," added Townsend. "Despite the twists and turns of the market, we were thrilled to work alongside a top-tier developer and bring this deal to a successful close."
Mi-Place at West Rancocas is located near Interstate 295, the New Jersey Turnpike, and Route 541, which provide easy access to Philadelphia and New York City. The property is close to Burlington County's largest employer, Lockheed Martin, a mile from shopping and dining options along Mount Holly's Main Street. Joint Base McGuire-Dix-Lakehurst is within a short drive.
Mi-Place at West Rancocas 108 comprises 96 apartments and 12 two-story townhouses, each with an attached garage. Community amenities include a clubhouse with a resident lounge, fitness center, game room, swimming pool, and dog park.
"This transaction exemplifies our commitment to maximizing asset value and managing complex deal processes," said Chez Eider, vice president investments in Marcus & Millichap's New Jersey office. "The strong interest we received from diverse buyer profiles, including institutions, private investors, and high-net-worth individuals speaks to the resilience and appeal of well-positioned multifamily assets like Mi-Place at West Rancocas." Eider and Andrew Townsend, senior vice president investments with Marcus & Millichap exclusively represented the seller, Feenmoor Homes. The buyer is Universe Holdings.
"The property has long-term payment in lieu of taxes agreements that shelter owners against tax increases or re-assessments, and all units are market-rate, making this an especially attractive investment," added Townsend. "Despite the twists and turns of the market, we were thrilled to work alongside a top-tier developer and bring this deal to a successful close."
Mi-Place at West Rancocas is located near Interstate 295, the New Jersey Turnpike, and Route 541, which provide easy access to Philadelphia and New York City. The property is close to Burlington County's largest employer, Lockheed Martin, a mile from shopping and dining options along Mount Holly's Main Street. Joint Base McGuire-Dix-Lakehurst is within a short drive.
Mi-Place at West Rancocas 108 comprises 96 apartments and 12 two-story townhouses, each with an attached garage. Community amenities include a clubhouse with a resident lounge, fitness center, game room, swimming pool, and dog park.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.