(To read more on the multifamily market, click here.)
LOWER MACCUNGIE TWP., PA-Locally based Landco Real Estate LLC has sold two parcels aggregating approximately 109 acres to Ashley Development Corp. for $4.5 million, or an average of $41,254 per acre. The sale includes just over 100 acres here and approximately nine acres in Macungie Borough.
Both parcels are vacant farmland, sold "as is," but zoned for residential development, according to Gerald Moore, principal and managing director of financial services for the Chatham, NJ-based Garibaldi Group/Corfac International. Moore, president Jeffrey Garibaldi and Michael Bartolacci, SVP who heads the company's Bethlehem office, represented Landco in the sale. Richard Brooks of Bethlehem-based Ashley spoke for the buyer.
Ashley, a prolific Lehigh Valley developer, plans to use the land for residential development in a mix of single-family homes and multifamily condos. A call to Ashley was not returned by deadline.
"Despite a slowing national housing market, we continue to see strong demand for residential development in the Lehigh Valley," Moore tells GlobeSt.com. Bartolacci says these parcels' location along Route 100 is near amenities and continues to attract developers from throughout the region.
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