PENNSYLVANIA — Marcus & Millichap has brokered the sale of a Pennsylvania multifamily portfolio. The three properties consist of historic buildings that were renovated into apartments in the 1980s. Old City Hall is an 82-unit property located in Harrisburg that traded for $7 million at a 7.54 percent capitalization rate. Peach Alley Court is a 72-unit property located in Elizabethtown that traded for $5 million at an 8.27 percent cap rate. Finally, The Shoe Factory is a 41-unit property located in Palmyra that traded for $2.95 million at an 8.68 percent cap rate. Zachary Pierce of Marcus & Millichap's Philadelphia office represented the seller, Reinhold Residential. The buyers were three different private investors. Ken Wellar, also of Marcus & Millichap, assisted Pierce in procuring the buyers for the Elizabethtown and Palmyra deals.
Old City Hall is an 82-unit converted apartment building located in Harrisburg, Pa.
MARCUS & MILLICHAP BROKERS $15 MILLION IN PA. MULTIFAMILY SALES
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