WOODBRIDGE, N.J. – The Kislak Company, Inc. announced the recent sale of Sunpointe Townhomes, a newly-constructed 160-unit Class A apartment complex located at 7644 Stephen Drive in Harrisburg, Pennsylvania, for $23,500,000.
Kislak marketed the property on an exclusive basis. President Robert Holland represented the sellers and senior vice president Barry Waisbrod represented the purchaser.
The sellers are Statewide Management of Stewartstown, Pennsylvania, premier builders of apartments and townhomes in central Pennsylvania. The purchaser is a New Jersey-based private investment group.
“Sunpointe Townhomes is an excellent investment for the purchasers as the property is located midway between Hershey and Harrisburg, capturing and serving tenants from both markets,” said Holland. “It is also an attractive place for tenants to live as the townhomes are very large and most units have garages, finished walk-out basements and abundant amenities including full size washers and dryers.”
Sunpointe Townhomes consists of 160 two- and three-story individually-deeded townhomes with an on-site leasing center, clubhouse and fitness center. Large townhomes with at least 1,327-square-feet each include two or three bedrooms and luxury amenities, and many units include garages.
Construction began in 2010. At the time of closing, 21 of 25 buildings had been completed. Given the ongoing construction, the sale included the 21 completed buildings for $22,000,000, and the purchase of the remaining four buildings will be finalized for an additional $1,500,000 upon final completion, which is imminent.
“The purchasers appreciated the quality of the property and felt a similar quality property in New Jersey would be out of reach,” said Waisbrod. “They intend to expand their presence in the area while concentrating on reducing expenses and increasing revenue.
The property is located off of Derry Street in a quiet residential neighborhood between downtown Harrisburg and Hershey, Pennsylvania. Harrisburg, which is Pennsylvania’s capitol and the state’s third largest city, is centrally located with easy access to major thoroughfares including Routes 81, 33 and 322 and the Pennsylvania Turnpike. Greater Harrisburg has a population in excess of 500,000 and a strong and diverse economy with many national employers.
At the time of closing, the completed portion of the property was 95% occupied.
The sale of Sunpointe Townhomes follows the April 2017 sale of Hawthorne Gardens in Lancaster, Pennsylvania for the same sellers for $17,200,000. Kislak also marketed the property on an exclusive basis and Holland and Waisbrod represented the sellers and purchaser, respectively. Hawthorne Gardens is a Class A apartment complex with 144 two-bedroom units.
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.
Waisbrod joined Kislak in 2001 and is also consistently among the firm’s leading salespeople. He specializes in the sale of investment properties in and around New Jersey. Waisbrod was the recipient of the firm’s 2013 and 2015 Sima Kislak Jelin Salesperson of the Year award.
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 111th year, Kislak was among a select group of firms recognized as a 2016 Power Broker by CoStar Group, Inc. and this was the firm’s eleventh consecutive recognition.