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Solomon Sheds Multifamily Assets for $15M

TREXLERTOWN, PA-After acquiring aging apartment communities here and in Emmaus in 2005, the seller upgraded about 20% of the units and realized gains.

By Marita Thomas | Updated on March 29, 2007

TREXLERTOWN, PA-The Mountainside, NJ-based Solomon Organization has sold Valley Ridge Apartments here and Mill Run Apartments in Emmaus for slightly more than $14.8 million, which represents $65,000 per unit. The buyer is Nathan Sobov of Emess Management, which is based in Middlesex, NJ and has other properties nearby.

The 132-unit Valley Ridge complex is at 6714 Lower Macungie Rd. here, and the 96-unit Mill Run property is located at 320 Powder Mill Ln. in Emmaus. They were 95% occupied at the close of the sale. As GlobeSt.com reported, Solomon acquired the assets in May 2005 as part of a five-property portfolio, for which it paid an average of $54,878 a unit.

The Woodbridge, NJ-based Kislak Co. negotiated the earlier sales transaction and also represented both Solomon and Emess in this one. Robert Holland, Kislak’s SVP and co-managing director, says, “The two complexes are at least 30 years old and they needed a lot of work. Solomon upgraded the complexes significantly and completely renovated between 15% and 20% of the 228 units.”

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