V.P. Matthew Wolf Arranges Sale of 87 Units in Lebanon

Woodbridge, N.J., August 17, 2018 – The Kislak Company, Inc. announced the $5,850,000 sale of Lebanon Court Apartments, an 87-unit multifamily property located at 1102 Jackson Boulevard in Lebanon, Pennsylvania.

Matthew Wolf, vice president, CCIM, brokered the transaction. The purchaser, YMZ LLC, previously purchased several properties with Wolf as their agent, and the seller was High Associates.

“Lebanon Court offered a great opportunity for an out-of-state buyer to purchase a value-add property for his portfolio,” said Wolf. “We are continuing to see an influx of New York and New Jersey buyers purchasing multifamily assets in central Pennsylvania.”

Built in 1964, Lebanon Court was acquired in July 2017 by High Associates from Philadelphia-based investment firm Equus Capital Partners as part of a four complex portfolio in central Pennsylvania.

The property consists of eight three-story brick buildings situated on 3.6 acres with 30 one-bedroom units, 56 two-bedroom units and one three-bedroom unit. Units feature single-pane windows in aluminum frames, large closets, hardwood and carpeted flooring, electric baseboard heating with individual thermostats and hot water heaters along with thru-wall AC units.

Kitchens include wood cabinetry, dishwashers, single-basin stainless steel sinks and ceramic tile backsplash while bathrooms include wood cabinetry, vanity sinks and enamel-covered bathtubs.

Onsite amenities include 8 laundry facilities, one in each building; parking for 120 spaces; extra storage space and onsite maintenance and management.

Landscaped with a flowering courtyard, the apartments are conveniently located within 1 mile of shopping, dining, entertainment, houses of worship and medical facilities. The apartments are also less than 1 mile from Routes 72 and 422 and 7 miles from the Pennsylvania Turnpike with the attractions of Hershey just 16 miles away.

Financing was provided by Investors Bank. The purchaser’s plans include upgrades to the kitchens and bathrooms.

Mr. Wolf joined Kislak in 2017 following over a decade of success in the commercial real estate industry focused on multifamily and other investment sales transactions in central and eastern Pennsylvania. Prior to joining Kislak, Mr. Wolf was a top sales producer for a Lancaster-based brokerage firm after beginning his brokerage career with another firm in Philadelphia. Mr. Wolf graduated from Saint Joseph’s University in Philadelphia, is a Certified Commercial Investment Member (CCIM) and hold a Pennsylvania broker’s license.

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.

For more information about The Kislak Company, Inc., please contact Jason Pucci, C.O.O., at (732) 750-3000 or jpucci@kislakrealty.com, or visit www.kislakrealty.com

 

 

Kislak Sells Lebanon Court Apartments Units in Central PA For $5.85 Million