WOODBRIDGE, N.J. — The Kislak Company, Inc., the dominant investment real estate sales firm in the tri-state region announced the recent sale of three multifamily properties in eastern Pennsylvania for a total of $41,173,000.
The transactions include the $31,130,000 combined sale of Belair Townhomes, a 208-unit property, and Mayfair Manor Apartments at Grandview, a 60-unit property, both in Lancaster. Kislak also handled the $10,600,000 separate sale of Auburn Station, an 85-unit loft-style property with land to build an additional 49 units in Allentown. President and Robert Holland represented the sellers and purchasers, longtime Kislak clients, in both transactions. This was also the second time that Kislak sold the Lancaster properties.
“The central and eastern Pennsylvania market is very hot for both buyers and sellers,” said Holland. “It was a good time for the sellers to sell given the premium pricing. It was also a good time for the buyers to buy given the growth potential amid low interest rates with an eye toward long-term holds.”
Belair Townhomes is a 208-unit luxury apartment complex that includes large one-, two-, three- and four-bedroom units with private entrances and patios in 26 three-story buildings on 32 acres. Approximately 95% of the units have been renovated and all units include individual HVAC units, eat-in kitchens, walk-in closets and laundry rooms. The complex includes ample parking and garages are available to select units.
Mayfair Manor Apartments at Grandview is a 60-unit garden apartment complex located less than ten minutes from Belair Townhomes and includes large one-, two-, and three-bedroom units. Ample amenities include eat-in kitchens, balconies or terraces, and laundry facilities. The property is also 97% renovated.
The seller was represented by Alan Hammer, Esq. of Brach Eichler, LLC and the purchaser was represented by Jeffrey Leonard, Esq. of Cozen O’Connor. Freddie Mac financing was arranged by Berkadia. At the time of closing, the properties were approximately 95% occupied.
Auburn Station is an 85-unit loft-style apartment building with on-site parking and land to build an additional 49 units. The property contains two two-story mill-style buildings and was recently gut renovated. Units have large, open and spacious floor plans.
The seller was represented by Scott Lipson, Esq. of Norris, McLaughlin & Marcus, PA and the purchaser was represented by Jason Weiss, Esq. Financing was arranged by Eastern Union and provided by Investors Bank. At the time of closing, the property was 100% occupied.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is recognized as the dominant investment sales company serving the multifamily and retail markets. 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 sales professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 108th year, Kislak was among a select group of firms recognized as a 2013 Power Broker by CoStar Group, Inc. for multifamily sales transactions in northern New Jersey and this was the firm’s eighth consecutive recognition.