(Read more on the multifamily market.)
EASTON, PA-Javad Sholehvar, a private investor in Allentown, has sold the Apartments by the Park at 250 Ann St. for $2.3 million, or nearly $35,385 a unit. The buyers, also private investors, are Sebastiana Devine and Michael Devine of Allentown.
The complex consists of three buildings. Two are conversions of former fur manufacturing facilities, and the third is a new building, completed at the time of the conversion in 1972. The property contains 65 one-, two- and three-bedroom units.
Nicholas Sabatino of the Philadelphia office of Marcus & Millichap represented the seller and also procured the buyers. The cap rate of the sale was just under 8%, he tells GlobeSt.com. The complex is currently 98% occupied. Rental rates range from about $525 a month for a small one-bedroom, between $615 and $620 a month for two-bedroom units, and $625 a month for the lone three-bedroom apartment, according to Sabatino.
"The Easton market is uniquely situated in a position to offer renters in New Jersey a more affordable housing option," he says. The new owner will invest in upgrades "to reposition the buildings into a higher asset class," he adds.
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