$34.5 Million Multifamily Complex Trades in Coatesville, PA

 COATESVILLE, PA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Millview Apartments (top left photo), a 350-unit 364,950-square foot multifamily complex in Coatesville.

The sales price of $34,515,000 represents $98,614 per unit and $95 per square foot.

Ridge MacLaren (middle right photo), a vice president investments, and Mark Thomson, a senior associate, Clarke Talone (lower right photo) and Andrew Townsend (middle left photo), multifamily investment specialists, all in Marcus & Millichap’s Philadelphia office, represented the seller, a local developer.

The firm also represented the buyer, a newly formed partnership focused on acquiring newly constructed properties in the Philadelphia region.     

“Despite the high quality of this luxury asset, this deal proved was difficult because Millview Apartments is in a challenged location,” says MacLaren.

 “It took some time to find the right buyer for this deal, but once we did, we were able to overcome all of the obstacles. 

“The buyer acquired a newly constructed luxury asset in Chester County for below replacement cost and financed the property with agency debt at historically low interest rates. As rents continue to rise in Chester County, Millview is a solid long-term investment.”

  “The opportunity to acquire 350 new units in Chester County at roughly half the price per unit of comparable properties doesn’t surface too often,” adds Thomson. “This transaction involved a motivated seller and buyer who overcame a fire at the building during the inspection period to make this deal happen.  Everyone was on the same team in this transaction.”

Developed in 2005 the 33.5-acre Millview Apartments at 100 Cobblestone Drive includes 250 two-bedroom units averaging 1,144 square feet and 100 one-bedroom units averaging 790-square feet. Tenants pay all utilities, including water and sewer.

Chester County is the wealthiest county in the state and falls under the top 20 wealthiest counties in the United States at No. 19.

            

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716