Real estate trust lands Pennsylvania portfolio

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Marcus & Millichap arranged the sale of a five-property apartment portfolio in Delaware County, Pa. The total value of the portfolio was $12.4 million. RJL Realty Associates, a New York-based trust, acquired the 288-unit portfolio in a 1031 exchange. The seller was Atlantic Cos., a New Jersey-based investment partnership. Four of the communities are located in Lansdowne Borough and the fifth is in Yeadon Borough. Occupancy averaged 94 percent at the time of sale. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** What's your opinion? Send your Letter to the Editor to newsroom@inman.com....