V.P. Matt Wolf Arranges Sale of Multifamily Complex with 62 Units
Woodbridge, N.J., May 26, 2020 – The Kislak Company, Inc. announced the recent sale of Coldbrook Meadows Apartments, a multifamily property with 62 units located at 740-780 Cumberland Avenue in Chambersburg, Franklin County, Pennsylvania, for $4,980,000.
Kislak marketed the property on behalf of the seller with vice president Matt Wolf handling the assignment. Mr. Wolf also procured the purchaser. He commented: “The purchaser is excited to add to his existing portfolio and is looking forward to completing renovations including upgrades to the kitchens and bathrooms.”
The sale marked Kislak’s second recent multifamily sale in the historic city.
Built in 1970, with approximately 79,000 square feet of building space, the complex consists of three well-maintained, three-story brick buildings with garden-style apartments. Within these apartments, bedrooms are large with 10 one-bedroom, 44 two-bedroom, and 8 three-bedroom units available with spacious closets and well-equipped kitchens with a refrigerator, stove and dishwasher; and centrally cooled and heated by gas.
Each unit has a private balcony or patio. Other amenities include coin-operated laundry facilities located in every building, onsite parking, a community picnic area and a pet-friendly option. Occupancy at the time of the sale was 100% while the overall rental rate in Chambersburg climbed by almost 14% in 2019.
The apartments are within walking distance of banks, pharmacies, grocery stores and restaurants. The county seat, Chambersburg is midway on Route 30 between Pittsburgh and Philadelphia in one of the fastest-growing counties in Pennsylvania – surrounded by beautiful forest and wildlife areas such as Michaux State Forest to the east. A convenient town in which to rent, Chambersburg is just over an hour’s drive from Harrisburg and Baltimore.
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 also holds 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 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.