WOODBRIDGE, N.J. – The Kislak Company, Inc. announced the recent sale of four multifamily properties in eastern Pennsylvania for a total of $32,850,000. The separate transactions include the:
– $12,600,000 sale of Laurel Wood Townhomes and Apartments, a 125-unit property in Clarks Summit, Lackawanna County;
– $7,100,000 sale of Highland Gardens, a 78-unit property in Allentown, Lehigh County;
– $6,850,000 sale of Wyomissing Park Apartments, a 102-unit property in Reading, Berks County; and
– $6,300,000 sale of Alpine Heights at Hershey, an 89-unit property in Hummelstown, Dauphin County.
Kislak marketed all of the properties on an exclusive basis and president Robert Holland represented all parties in the transactions.
“The central and eastern Pennsylvania market for multifamily properties remains very strong,” said Holland. “The population is increasing, occupancy rates remain high and rents are growing.”
Laurel Wood Townhomes and Apartments was built in the 1960s and is located in suburban Scranton. This was the second time Kislak sold the property. The original property includes 16 buildings with 85 units and the seller built an additional 40 new units.
“There is very little new construction in the area so existing multifamily properties typically have high occupancies and generate strong demand when available,” said Holland.
Highland Gardens is comprised of 56 vintage apartments and 22 modern contemporary units in a park-like setting. The property was built in 1937 (vintage units) and 1989 (contemporary units) and is located in the rapidly growing Lehigh Valley.
“Highland Gardens takes up a city block in an older, quiet, and well-established neighborhood, and offers two unit types,” said Holland. “The older vintage apartments have hardwood floors, high ceilings and a charm that some new construction lacks. The newer, more modern apartments are spacious with wall-to-wall carpeting and full-size washers and dryers.”
Wyomissing Park Apartments is a 102-unit apartment complex located in a quiet, residential setting of suburban Berks County. Built in 1964, the property was under long-time ownership and was being sold for the original builder. Amenities include dishwashers in the two-bedroom units, spacious rooms and closets, private covered terraces or balconies, washers and dryer on every floor, on-site storage and on-site parking with 12 garages. The property is located in the Wyomissing Park area of Reading’s west shore with easy access to Routes 222, 422 and the Pennsylvania Turnpike.
“Wyomissing Park is very well maintained and located and has had a low turnover rate,” said Holland. “The owners decided to sell to take advantage of the hot multifamily market and low interest rate climate. The buyer plans on upgrading the property and should obtain higher rents by installing new kitchens and baths and doing additional property enhancements to further modernize the property.”
Alpine Heights at Hershey consists of six free-standing cottages along with apartments totaling 89 units nestled in a unique “Swiss village”-type setting on a quiet wooded hill above Hershey, Pennsylvania. Built in the 1960s, the property is minutes from downtown Hershey and adjacent to Penn State Hershey Medical Center. This was also the second time Kislak sold the property. Kislak sold it 18 years ago for the original builder.
“There was strong demand among investors for the property,” said Holland. “It had below market rents and a built-in rental base given the location adjacent to the medical center.”
Holland joined Kislak in 1984 and became president in 2012. In addition to overseeing the firm and sales team, he specializes in the sale of multifamily and other investment properties throughout central and eastern Pennsylvania. He 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. and this was the firm’s tenth consecutive recognition.