WOODBRIDGE, N.J. – The Kislak Company, Inc. announced the recent sale of Hawthorne Gardens, a 144-unit Class A apartment complex in Lancaster, Pennsylvania, for $17,200,000.
Kislak marketed the property on an exclusive basis. President Robert Holland represented the seller and senior vice president Barry Waisbrod represented the purchaser.
Hawthorne Gardens was built in 2014 and is a garden-style apartment complex with 144 two-bedroom, two-bathroom units. Units offer nine-foot ceilings, spacious floor plans with abundant closet space, individually controlled HVAC units, full-sized washers and dryers and private patios or balconies. Property amenities include a clubhouse, fitness center and business center for tenants.
Conveniently located in Lancaster County with over 600,000 residents, Hawthorne Gardens provides tenants with easy access to shopping centers, public schools, and houses of worship via major Routes 30, 22 and the Pennsylvania Turnpike.
“The property was twice listed with national brokerage firms that did not sell it,” said Holland. “Central Pennsylvania, which is more of a secondary and tertiary market, tends to attract regional investors. We have been selling apartments in the market for decades and generated very strong interest in and multiple offers for the property. We continually produce the highest and best prices for our clients.”
“The purchaser was interested in the Lancaster market and this Class A property was a great opportunity for him,” said Waisbrod.
Holland joined Kislak in 1984, is one of the firm’s all-time leading salespeople and became president in 2012. In addition to overseeing the company and managing a team of salespeople, he specializes in the sale of multifamily and other investment properties throughout central and eastern Pennsylvania.
Waisbrod joined Kislak in 2001 and is also consistently among the firm’s leading salespeople. He specializes in the sale of investment properties in and around New Jersey. Waisbrod was the recipient of the firm’s 2013 and 2015 Sima Kislak Jelin Salesperson of the Year award.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s 30 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 111th year, Kislak was among a select group of firms recognized as a 2016 Power Broker by CoStar Group, Inc. and this was the firm’s eleventh consecutive recognition.