WOODBRIDGE, N.J. – The Kislak Company, Inc. announced the recent sale of four multifamily properties in Lancaster, Pennsylvania for a total of $41,600,000.
The separate transactions included the $20,600,000 sale of Quail Run Apartments and Stone Mill Station Apartments with a total of 261 units that were sold together; the $16,000,000 sale of Greenland Village, a 180-unit property; and the $5,000,000 sale of City View Apartments, a 52-unit property. Kislak marketed all of the properties on an exclusive basis and president Robert Holland represented all parties in the transactions.
“Central Pennsylvania remains a strong rental market and is attractive to multifamily investors because of its growing job markets and population,” said Holland. “This growth fuels demand for multifamily housing and gives owners of multifamily properties rent growth year after year.”
Quail Run Apartments is a 136-unit apartment complex with private entrances and off-street parking. Constructed in 1965, the property is situated on 10.1 acres with 17 two-story buildings. Units feature walk-in closets, dishwashers, and balconies or terraces. Approximately 67% of the units have been renovated.
Stone Mill Station Apartments is a 125-unit apartment complex. The property was built in 1966 and is situated on 5.3 acres with 11 three-story buildings. Amenities include individually controlled HVAC units, large spacious floor plans, walk-in closets, laundry facilities and off-street parking. Approximately 89% of the units have been renovated.
“Quail Run and Stone Mill are located close to one another, allowing the owner to provide multiple options and floor plans for prospective tenants as well as saving money by sharing some of the services between the properties,” said Holland.
Greenland Village is a 180-unit garden-style apartment complex located in a quiet, residential neighborhood adjacent to the 43-acre Flory Park. Over $1,000,000 in capital improvements was invested over five years, including new kitchens and baths in 160 of the units. The property has individual entrances. Greenland Village is located minutes from major highways Route 30, Route 220 and the Pennsylvania Turnpike.
City View Apartments is a 52-residential unit, six-story elevator mid-rise apartment building with balconies and on-site parking and garages. The property was built in 1965 and underwent significant renovations in 2010. The property is located one block south of Lancaster General Hospital and across the street from Lancaster General College of Nursing and Health Services. At the time of closing, the property was fully occupied.
“City View demonstrates the rising trend of tenants to moving back to cities. The ability to walk to a coffee shop or restaurant or shopping has become increasingly more popular with residents who don’t want to have to drive everywhere,” said Holland. “Lancaster’s downtown has had a renaissance while retaining its old world charm.”
Mr. Holland joined The Kislak Company, Inc. in 1984 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. Mr. Holland is consistently one of Kislak’s leading producers.
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 110th year, Kislak was among a select group of firms recognized as a 2015 Power Broker by CoStar Group, Inc. for multifamily sales transactions in northern New Jersey and this was the firm’s tenth consecutive recognition.