MARCUS & MILLICHAP BROKERS TWO MULTIFAMILY SALES

WILMINGTON, DEL., AND NEW YORK CITY — Marcus & Millichap has completed two Northeast multifamily transactions for a total of $5.66 million. In the first transaction, Mark Thompson and Adam Simon of the firm’s Philadelphia office represented the buyer in the $3.42 million purchase of Courtyard Apartments. The 122-unit, garden-style property is located at 9 Courtyard Lane in Wilmington. It comprises two- and three-bedroom units. The buyer, a limited liability company, plans to invest approximately $2 million in capital improvements to the property. In the second transaction, Marcus & Millichap’s Peter Von Der Ahe and Matthew Barbaccia represented both parties in the $2.24 million sale of a two-property portfolio located in the Bronx, New York City. The two buildings are located at 1049 and 1153 Boynton Ave.; the former property contains 20 units and the latter contains 24 units. Both properties have undergone recent renovations and both include 3,693 square feet of developable air rights.