President Robert Holland and V.P. Matt Wolf Arrange Sale of Four Properties with 96 Units
Woodbridge, N.J., February 4, 2020 – The Kislak Company, Inc. announced the recent sale of four multifamily properties with total of 96 units in the greater Hershey, Pennsylvania area for $10,200,000. President Robert Holland and vice president Matt Wolf arranged the sale on behalf of the seller and purchaser.
“The seller chose to work with Kislak given our longer-term relationship and lengthy history selling multifamily properties in central Pennsylvania,” said Mr. Holland. “Kislak’s multifamily sales in Dauphin and Lebanon Counties alone total $350 million and include more than 7,500 units.”
Commenting upon the sale, Mr. Wolf said: “It was a great opportunity for the purchaser to expand their local portfolio. Hershey continues to be an excellent rental market with the Hershey Medical Center only a few miles from the portfolio. It is also only a few minutes from downtown Hershey, which is lined with new restaurants and shops that are within walking distance of Hershey Park and the Hershey Outlets.”
The portfolio consists of 18 units at White Birch Apartments and 32 units at Lincoln Apartments, both near each other on Fishburn Road in Hershey; 32 luxury units at Li-Lo Apartments in Hummelstown; and 14 units at Barrington Court Apartments approximately 7 miles away in Palmyra, Pennsylvania.
A quaint apartment community, the complexes at Fishburn Road offer a variety of floor plans; air conditioning as well as ceiling fans; dishwashers and microwaves; full size washer and dryers in select units; garages, and onsite maintenance. Amenities at the spacious, one and two-bedroom Li-Lo Apartments include 9-foot ceilings with UV reducing windows providing abundant natural light; walk-in closets; energy efficient appliances; full size washers and dryers in every unit; patio or balcony and garages.
Through long term ownership the properties have been well-maintained offering an excellent value-add opportunity with kitchen and bathroom renovations. Occupancy at the time of sale was over 95% with below market rents, affording increased value to the purchaser who plans to upgrade units as they turn over.
The greater Hershey area is a unique submarket home Hershey Foods, Hershey Medical Cent. Dauphin and Lebanon Counties, home to the properties respectively and comprised of rural, urban and suburban municipalities, are known for their handmade local crafts, specialty and boutique shops, eateries, historic sites, winery, unusual art center, unique buildings and other attractions. Access to the properties, approximately 15 miles from Harrisburg, 100 miles west of Philadelphia and 200 miles east of Pittsburgh, is via a vast network of highways such as Routes 76, 78, 80, 83, and 95.
Mr. Holland joined Kislak in 1984, became President in 2012, and is one of the firm’s all-time leading sales producers. In addition to overseeing the company and managing a team of salespeople, he specializes in the sale of multifamily and other investment properties.
Mr. Wolf joined Kislak in 2017, following over a decade of success in the CRE 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 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.