Ashland Terrace, 711 Ashland Avenue, Secane, PA Ashland Terrace, 711 Ashland Avenue, Secane, PA

SECANE, PA—Marcus & Millichap brokered the sale of Ashland Terrace, a 27-unit apartment property comprised of 6 one-bedroom units and 21 two-bedroom units, at 711 Ashland Avenue, Secane, PA, an unincorporated community in Ridley Township and Upper Darby Township, Delaware County. The well-maintained property sold for $1.85 million.

Clarke Talone and Andrew Townsend, both first vice president investments, Daniel Bernard, associate, and Ridge MacLaren, senior vice president investments in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a private partnership.

The long-term owner had made several significant upgrades including substantial roof work, replacing boilers, and updated kitchens over the years. The buyer, a regional company, was secured and represented by the Philadelphia-based investment sales team as well.

“The property was only on the market for 30 days and generated 15 tours,” says Talone. “The response we received from the market is reflective of the continued demand for multifamily properties, especially properties with upside in rents, such as Ashland Terrace.”