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READING, PA-An entity of Parsippany, NJ-based LCL Equities has acquired Edgemont Terrace Apartments for $3.9 million, or approximately $46,429 per unit. The three-building, 84-unit complex is located on 4.6 acres at 1515 Hill Rd. here. The seller is Union, NJ-based Salem Management.

The asset was built in 1964 and is currently 96% occupied, according to Robert Holland, senior vice president and co-managing director of the Woodbridge, NJ-based Kislak Co. Holland represented both the buyer and seller in the transaction. He tells GlobeSt.com, "It's a well-maintained property in a good location. The new owner plans some improvements, including sub-metered heat, which will turn energy costs over to the tenants, and new windows."

There are 30 one-bedroom units, ranging from 480 sf to 745 sf; 42 two-bedroom layouts from 955 sf to 1,004 sf; three 280-sf studios and nine 1,200-sf three-bedroom units. Current rental rates range from $400 per month for a studio to $805 per month for a three-bedroom unit.