WHITEHALLL, PA-The Kislak Company has sold two Eastern Pennsylvania apartment complexes in Whitehall and Reading for a total of $14.7 million.
The buildings are:
- Independence Square, a 133-unit property in Whitehall, sold for $8.9 million
- Washington Towers, a 96-unit property in Reading, sold for $5.8 million.
“The demand for multifamily properties throughout eastern Pennsylvania remains very strong with local, regional and national investors vying for available properties,” said Robert Holland, president of the Woodbridge, New Jersey-based company. “We are experiencing a surge of activity from New York and New Jersey investors given the area's close proximity and its growth potential.”
The seller of the garden-style apartments at Independence Square had owned the property for more than 35 years, and made many improvements, including new windows, new sliding glass doors and upgraded interior halls, Holland said. The apartments, which are 95% occupied, have separate utility meters.
Holland represented the seller and Kislak's Jonathan Greenberg represented the buyer.
The seller was Independence Square, a subsidiary of Geller Associates of Roseland, New Jersey, and a long-time Kislak client.
The buyer, who was not identified, has also worked extensively with Kislak, Greenberg said.
The high-rise Washington Towers is located in downtown Reading, close to public transit and the Reading courthouse and Sovereign Center arena.
More than half the 96 units have two bedrooms, with tenants responsible for utilities. The property is 95% occupied.
Holland represented the seller and Kislak's Joni Sweetwood represented the buyer. “We successfully marketed and sold this property twice before,” said Holland.
“The professional management of this property resulted in excellent cash flow from the apartments, which attracted the purchaser,” said Sweetwood. “The additional upside potential of rent from the vacant retail space helped close the deal.”
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