(Read more on the multifamily market.)
LANCASTER, PA-The Summit, NJ-based Solomon Organization follows its January acquisition of Stone Mill Station in nearby Manor Township with the purchase of Belair Townhomes, a 208-unit multifamily complex at 590 Candlewyck Rd. in suburban Manheim Township. The price tag was $21 million, or $100,961 a unit, according to Robert Holland, SVP and co-managing director of the Woodbridge, NJ-based Kislak Co.
Holland marketed the property for SherWal Co. and procured the buyer. He says the asset was built between 1978 and 1988 and was 98% occupied at the closing of the sale. Alan Popowitz of the Philadelphia-based WolfBlock law firm represented Solomon in the transaction.
There are two-, three- and four-bedroom layouts ranging from approximately 1,350 sf to more than 1,600 sf. Published rent rates reach from $875 a month to $1,150 a month.
"Just as Bucks County was an emerging market 10 to 15 years ago, the Lancaster area is showing signs of growth," says Marshall Rosen, Solomon's managing director. "We are exited to acquire our second property there, growing our Pennsylvania portfolio, which continues to expand west." Solomon has several multifamily communities throughout Berks, Bucks and Lehigh counties.
"The central Pennsylvania marketplace for multifamily apartments continues to provide investors with sold long-term rent growth and stability," says Holland. In less than a month, Kislak has completed four Pennsylvania multifamily property sales for an aggregate of $56.9 million.
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