Kislak President Completes $33 Million Pennsylvania Multifamily Sales

Kislak’s Robert Holland with Laurel Woods apartment development, Clark’s Summit, PA

CLARKS SUMMIT, ALLENTOWN, READING, HUMMELSTOWN, PA—Kislak Company president Robert Holland personally brokered four multifamily property transactions in eastern Pennsylvania worth $32.85 million. The separate transactions include the:

• $12.6 million sale of Laurel Wood Townhomes and Apartments, a 125-unit property in Clarks Summit, Lackawanna County;
• $7.1 million sale of Highland Gardens, a 78-unit property in Allentown, Lehigh County;
• $6.85 million sale of Wyomissing Park Apartments, a 102-unit property in Reading, Berks County; and
• $6.3 million sale of Alpine Heights at Hershey, an 89-unit property in Hummelstown, Dauphin County.

Kislak marketed all of the properties on an exclusive basis and president Robert Holland represented all parties in the transactions, which the company declined to disclose. “The central and eastern Pennsylvania market for multifamily properties remains very strong,” says Holland . “The population is increasing, occupancy rates remain high and rents are growing.” Laurel Wood Townhomes and Apartments was built in the 1960s and is located in suburban Scranton. This was the second time Kislak sold the property. The original property includes 16 buildings with 85 units and the seller built an additional 40 new units. “There is very little new construction in the area so existing multifamily properties typically have high occupancies and generate strong demand when available,” Holland says. Highland Gardens includes 56 vintage apartments and 22 modern contemporary units in a park-like setting. The property was built in 1937 (vintage units) and 1989 (contemporary units) and is located in the rapidly growing Lehigh Valley. “ Highland Gardens takes up a city block in an older, quiet, and well-established neighborhood, and offers two unit types,” says Holland .  “The older vintage apartments have hardwood floors, high ceilings and a charm that some new construction lacks. The newer, more modern apartments are spacious with wall-to-wall carpeting and full-size washers and dryers.” Wyomissing Park Apartments is a 102-unit apartment complex located in a quiet, residential setting of suburban Berks County.  Built in 1964, the property was under long-time ownership and was being sold for the original builder.  Amenities include dishwashers in the two-bedroom units, spacious rooms and closets, private covered terraces or balconies, washers and dryer on every floor, on-site storage and on-site parking with 12 garages. The property is located in the Wyomissing Park area of Reading’s west shore with easy access to Routes 222, 422 and the Pennsylvania Turnpike. “ Wyomissing Park is very well maintained and located and has had a low turnover rate,” says Holland . “The owners decided to sell to take advantage of the hot multifamily market and low interest rate climate. The buyer plans on upgrading the property and should obtain higher rents by installing new kitchens and baths and doing additional property enhancements to further modernize the property.” Alpine Heights at Hershey consists of six free-standing cottages along with apartments totaling 89 units nestled in a unique “Swiss village”-type setting on a quiet wooded hill above Hershey, PA. Built in the 1960s, the property is minutes from downtown Hershey and adjacent to Penn State Hershey Medical Center . This was also the second time Kislak sold the property. Kislak sold it 18 years ago for the original builder. “There was strong demand among investors for the property,” says Holland . “It had below market rents and a built-in rental base given the location adjacent to the medical center.” Holland joined Kislak in 1984 and became president in 2012. In addition to overseeing the firm and sales team, he specializes in the sale of multifamily and other investment properties throughout central and eastern Pennsylvania. He is consistently one of Kislak’s leading producers.