LEVITTOWN, PA-Marcus & Millichap Real Estate Investment Services has brokered the sale of the Chesterfield Apartments, a 247-unit multifamily complex in the Levittown planned community. The sales price was $25,155,000, equating to $101,842 per unit.
Donald “Ridge” MacLaren, a first vice president investments, and senior associates Clarke Talone and Andrew Townsend, all of Marcus & Millichap’s Philadelphia office, represented the seller, a multifamily REIT. The team also secured the buyer, a local partnership.
“Chesterfield Apartments is a very well-maintained property in a strong Lower Bucks rental market,” says MacLaren. “The seller did a terrific job improving the asset and was rewarded with a tremendous amount of buyer activity.”
In turn, he notes, “The buyer has acquired a well-performing asset that should produce strong returns.”
MacLaren says that continuing low interest rates and the impending deadline on a potential increase in capital gains taxes next year are spurring strong interest in in Delaware Valley apartment communities.
The Levittown property, which sold for $143 a square foot, is located at 1338 Veterans Highway. The suburban community is situated at the southern end of Bucks County between Philadelphia and Trenton, NJ. Interstate 95, the Pennsylvania Turnpike, US Route 1 and Route 413 are all within close proximity. Public transportation in the area is provided by the Southeastern Pennsylvania Transportation Authority.
Chesterfield Apartments was built in 1974 on 15.5 acres. The community consists of 10 buildings containing 153 one-bedroom units, 93 two-bedroom apartment and one three-bedroom house. A majority of the units were updated with new kitchens and baths before the sale. Many units have washers and dryers, and common area amenities include a swimming pool, fitness center and clubhouse.