The Kislak Co. brokered the sale, with managing director Robert Holland representing both the buyer and the seller. Sovereign Bank provided the funding.
Called Twelve Trees Apartments, the community, which is located off Union Deposit Road, consists of three two-story buildings with 60 units and six two-story buildings with 76 townhomes. These are one-, two-, and three-bedroom units with private entrances. Other amenities in the complex include a pool, pool house, tennis court and playground.
At the time of the sale, the property was 95% occupied. LCL plans to upgrade the property including exterior and interior improvements and also plans to separately meter the utilities for each unit.
"This is a value added opportunity for the buyer," Holland tells GlobeSt.com. LCL typically makes such value-add acquisitions, holding onto the assets for a long time period. Also, market fundamentals favor the deal, he adds. "The area is thriving and growing, offering the residents all the benefits and culture of a big city. Besides being the capital, Harrisburg has developed into a city with a diverse economy attracting large national and international companies."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
