The portfolio has a total of 288 units and an aggregate 221,235 sf. The average occupancy is 94%.
"Each has experienced stable occupancy and below-market rents, which provides potential for income growth in the near future," says Donald MacLaren, a senior investment specialist in the Philadelphia office of Marcus & Millichap and a director of its Multi Housing Group, a division that focuses exclusively on multifamily investment sales. "The properties are well maintained and located in close proximity to each other with management in place," he adds.
Atlantic listed the portfolio exclusively with M&M, which generated a national marketing campaign, says MacLaren. He secured and also represented the buyer in the transaction. It was a 1031 exchange, which allows Atlantic to buy another "like kind" asset without paying capital gains taxes. The acquisition had a 9% market cap rate, according to MacLaren.
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