S.V.P. Matt Wolf Handles Exclusive Sale of 37 Units in Lancaster County
Woodbridge, N.J., April 12, 2022 – The Kislak Company, Inc. announced the recent sale of Fulton Market Apartments, a 37-unit apartment building at 417 East Frederick Street in Lancaster, Lancaster County, Pennsylvania, for $5,825,000.
Kislak marketed the property on an exclusive basis on behalf of the seller, Fulton Market Property, LP, with senior vice president Matt Wolf handling the assignment, and he also procured the purchaser, which was not disclosed.
Located in the Ross neighborhood of Lancaster, the property consists of two buildings – the first built in the Colonial Revival style in 1909 containing 31 units, was redeveloped in 1993; and the second building constructed at the same time as the redevelopment of the original building, consists of six townhouses.
Mr. Wolf commented, “This was a great opportunity to reposition the property and capitalize on the growing demand for residential housing in the city of Lancaster.”
With rents at below market value at the time of the sale, the apartments provide a value-add opportunity to increase rental income with the renovation of kitchens and bathrooms.
The property’s spacious units range in size from 1,200 to 1,600 square feet and the unit breakdown includes 32 two bedroom units with 1.5 bathrooms and five three bedroom units with 2.5 bathrooms. The original 31 units redeveloped in 1993 contain original wide, wood plank flooring, in-unit washers and dryers, separate hot water heaters and HVAC units. The townhouse units contain in-unit washers and dryers, individually metered water and gas HVAC units, and two-car garages. The property contains an additional parcel located across the street at 452 East Frederick Street, which is used mainly for off street, resident parking.
Ideally situated just northeast of downtown Lancaster, the Ross neighborhood, named after George Ross, a member of the Continental Congress and a signer of the Declaration of Independence, hosts historic homes and many period apartments, lofts, and townhomes renovated throughout the area. Home to Lancaster General Hospital, one of the largest employers in Lancaster County, the neighborhood affords easy commutes for residents. Among other attractions, it offers restaurants, cafes, bars, and shops within walking distance of Ross and convenient access to Clipper Magazine Stadium, Sixth Ward Park, and Lancaster Science Factory.
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. In 2020, he earned the firm’s Jay I. Kislak Producer of the Year award after selling over 1,100 residential units valued at nearly $100 million. Mr. Wolf is a Certified Commercial Investment Member and also holds a Pennsylvania broker’s license. He was promoted to a senior vice president in 2022.
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 thirty-five professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, and Delaware.
Now in its 116th year, Kislak was among a select group of firms recognized as a 2021 Power Broker by CoStar Group, Inc. and this was the firm’s 16th consecutive recognition.