LANCASTER, PA—The Kislak Company has sold three multifamily properties in eastern Pennsylvania for nearly $42 million.
The transactions include the $31.1 million combined sale of Belair Townhomes, a 208-unit property, and Mayfair Manor Apartments at Grandview, a 60-unit property, both in Lancaster. Kislak also handled the $10.6 million separate sale of Auburn Station, an 85-unit loft-style property with land to build an additional 49 units in Allentown. Robert Holland, Kislak's president, represented the sellers and purchasers, longtime Kislak clients, in both transactions.
“The central and eastern PA market is very hot for both buyers and sellers,” Holland tells GlobeSt.com exclusively. “It was a good time for the sellers to sell given the premium pricing. It was also a good time for the buyers to buy given the growth potential amid low interest rates with an eye toward long term hold.”
Belair Townhomes is a 208-unit luxury apartment complex that includes large one-, two-, three- and four-bedroom units with private entrances and patios in 26 three-story buildings on 32 acres. Approximately 95% of the units have been renovated and all units include individual HVAC units, eat-in kitchens, walk-in closets and laundry rooms. The complex includes ample parking and garages are available to select units.
Mayfair Manor Apartments at Grandview is a 60-unit garden apartment complex located less than ten minutes from Belair Townhomes and includes large one-, two-, and three-bedroom units. Ample amenities include eat-in kitchens, balconies or terraces, and laundry facilities. The property is also 97% renovated.
Alan Hammer, Esq. of Brach Eichler, LLC represented the seller, and Jeffrey Leonard, Esq. of Cozen O'Connor represented the buyer. Berkadia arranged Freddie Mac financing. At the time of closing, the properties were approximately 95% occupied.
Auburn Station is an 85-unit loft-style apartment building with on-site parking and land to build an additional 49 units. The property contains two two-story mill-style buildings and was recently gut renovated. Units have large, open and spacious floor plans.
Scott Lipson, Esq. of Norris, McLaughlin & Marcus, PA represented the seller, and Jason Weiss, Esq. represented the buyer. Eastern Union arranged financing through Investors Bank. At the time of closing, the property was 100% occupied.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
