502 UNITS IN NORTHWEST PHILADELPHIA SELL FOR $47.3M

PHILADELPHIA — Marcus & Millichap has arranged the $47.3 million sale of Charter Court at East Falls, a 502-unit high-rise apartment complex in Philadelphia’s East Falls neighborhood. Clark Talone, Andrew Townsend and Ridge MacLaren in Marcus & Millichap’s Philadelphia office, represented the seller, Resource Real Estate. Talone, MacLaren and Townsend also advised the buyer, Treetop Development. Charter Court at East Falls includes two 11-story buildings, six commercial spaces, two surface parking lots with a total of 256 parking spaces and a 55-space parking garage. The unit mix is 85 studios, 243 one-bedroom units, 155 two-bedroom apartments, 10 three-bedroom units, two-four-bedroom units and one five-bedroom apartment. Shared amenities include a resort-style pool area with cabanas, a business and fitness center, pet spa and door attendant.