Woodbridge, N.J. – The Kislak Company, Inc. announced the recent sale in Lancaster County, Pennsylvania of 261 residential units in a portfolio consisting of two multifamily properties – Quail Run Apartments and Stone Mill Station Apartments – for $25,500,000.
President Robert Holland represented both the seller and buyer. With a strong presence throughout eastern Pennsylvania and having a long-standing relationship with the purchaser, Berger Rentals, Mr. Holland facilitated the transaction as yet another in a series of past acquisitions for the purchaser.
He noted, “The deal represented a value-add opportunity for the purchaser to obtain higher rents by upgrading kitchens and baths. This was the fifth time Kislak sold these properties, with the sale price higher each time as the rent roll has grown.”
Uniquely, the Quail Run Apartments at 1424-B Passey Lane in Lancaster, and Stone Mill Station Apartments at 250 Stone Mill Road in Manor Township, include 136 and 125 residential units, respectively, and were at 95% occupancy at time of sale. Both complexes are garden style apartments consisting of 17 two-story and 11 three-story buildings, respectively, and are well-maintained and beautifully landscaped.
The unit mix for both properties is approximately 55% two- and three-bedroom units and 45% one-bedroom units. Approximately 80% of the kitchens and baths have been upgraded with additional improvements to windows, roofs, hallways and stairs. Large spacious floor plans, walk-in closets, balconies/terraces or patios and individually-controlled HVAC are among the many features of the units.
The properties, within a half-mile of each other, are conveniently located in fast-growing Lancaster County with a population of over 600,000 residents and centrally located with easy access to major Pennsylvania thoroughfares. Near major shopping centers, houses of worship and excellent public schools and many universities, the properties offer resident amenities such as off-street parking, private entrances, fitness center, on-site leasing office, playground and laundry facilities.
“Berger Rentals owns properties in the Lancaster market and these two are close by, increasing their presence in the market. The loan amount was approximately $21 million; the purchaser paid $4.5 million above the existing loan,” said Mr. Holland in closing. Freddie Mac financing was assumed by Greystone.
Mr. 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.
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 112th year, Kislak was among a select group of firms recognized as a 2017 Power Broker by CoStar Group, Inc. and this was the firm’s twelfth consecutive recognition.