S.V.P. Matt Wolf Arranges Sale of 59 Units
Woodbridge, N.J., September 23, 2022 – The Kislak Company, Inc. announced the recent sale of two multifamily properties in Harrisburg, Dauphin County, Pennsylvania for $5,250,000. The properties include 213 Shell Street with 29 units and 1300 Bigelow Court with 30 units.
Kislak marketed the properties with senior vice president Matt Wolf handling the assignments and he also procured the purchasers. He commented, “Both properties were attractive investments due to the potential to renovate units and increase rents in a rental market that is experiencing explosive growth.”
Built in 1938, the two-story apartment building on Shell Street is located in a quiet neighborhood just minutes from downtown Harrisburg in the Progress/Colonial Park section. It includes 13 one-bedroom units, 14 two-bedroom units, and two additional units, some with balconies. The stone and brick building also has a storage unit and an onsite laundry facility.
Within walking distance and a mile and half drive from three shopping centers, the property has access to a museum, a science and arts center, recreation park and natural conservation areas within a 9-mile radius and college and university institutions within a 4-to-15-mile distance.
Mr. Wolf remarked about the Shell Street transaction, “The purchaser is excited to expand his portfolio in the Harrisburg market. He plans to renovate units as they turn over and make improvements to the building’s exterior. With existing rents below market, the property is a value-add opportunity for the purchaser to renovate the units and increase rents.”
The property at Bigelow Court consists of 30 individually deeded townhouses with below market rents and a community building. The two-bedroom/two-bath units are spacious, each containing a washer and dryer, and central heat and air conditioning, with garages and on-site parking. The property also includes 10 storage units on monthly leases.
Both properties are approximately less than a 5-minute drive from Routes 81 and 83 and 20 minutes to Harrisburg International Airport. Within Harrisburg, the Capital Area Transit system operates an extensive bus and paratransit service system in the city’s metropolitan area, also covering much of the southern and eastern halves of Dauphin and Cumberland counties surrounding it.
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 real estate 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.