V.P. Matt Wolf and President Robert Holland Arrange Exclusive Sale of 48-Unit Multifamily Property in Lehigh Valley
Woodbridge, N.J., December 3, 2020 – The Kislak Company, Inc. announced the recent sale of Chestnut Commons, a 48-unit multifamily property at 16 South 10th Street in Emmaus, Lehigh County, Pennsylvania, for $5,100,000.
Kislak marketed the property on an exclusive basis with vice president Matt Wolf and president Robert Holland handling the assignment on behalf of the seller, LC Realty Capital LP. Messrs. Wolf and Holland also procured the purchaser, Red Knight Properties.
Mr. Wolf commented: “The Chestnut Commons offering provided an opportunity to acquire a value-add property in an excellent market. We generated a significant amount of activity and through our marketing process generated 22 tours and received eight offers. The purchaser is excited to expand their footprint in a new market.”
Built in 1987, the property consists of a three-story brick building with fully renovated one-bedroom apartments with secured entrances and 24-hour onsite maintenance, and a leasing office. Each unit boasts kitchens upgraded with a dishwasher, disposal, microwave, and refrigerator, along with air-conditioning and ceiling fans. Property amenities include onsite parking, laundry facilities, high speed internet, pet-friendly and smoke-free options, and a fully furnished playground.
Situated in a quiet neighborhood minutes from downtown Emmaus, where the former Rodale campus is being redeveloped into an arts center, the apartments are less than two miles from a nature lover’s wildlife sanctuary; less than five miles from a science center; and a 20 minute drive from ski and recreational areas. Colleges and university are within a 10-20-minute drive from the property.
Founded by the Moravian Church, Emmaus has become a welcoming community to diverse people while retaining much of its history. Many of the town’s structures, including the Moravian Church, belong to Pennsylvania’s register of state historical sites. Emmaus was once selected by Money magazine as one of the “Top Best Places to Live.”
Matt 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. He is a Certified Commercial Investment Member and holds a Pennsylvania broker’s license.
Robert Holland joined Kislak in 1984, is one of the firm’s all-time leading producers 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.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm 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 35 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 114th year, Kislak was among a select group of firms recognized as a 2019 Power Broker by CoStar Group, Inc. and this was the firm’s 14th consecutive recognition.