S.V.P. Daniel Lanni and President Robert Holland Arrange Exclusive Sale of 59 Units
Woodbridge, N.J., May 6, 2020 – The Kislak Company, Inc. announced the recent $2,020,000 sale of Lincoln Lee Manor Apartments, a 59-unit property located at 231 Lincoln Street, Johnstown, Cambria County, Pennsylvania.
Kislak marketed the property on behalf of the seller on an exclusive basis with senior vice president Daniel Lanni and president Robert Holland handling the assignment. They also procured the purchaser.
Mr. Lanni commented, “Although the property was five hours from our home office, we successfully marketed the property to our wide network of clients and investors and quickly achieved the highest price and best terms for the seller.”
Built in 1973, the 51,162-square-foot even-story building is conveniently located in the downtown area of Johnstown on a half-acre of land in one of the city’s five national historic districts approximately 60 miles east of Pittsburgh. The property offers 47 one-bedroom and 12 two-bedroom apartments with amenities such as air-conditioning, an on-site laundry facility, covered parking, and on-site management.
Close to shopping, dining and bus service, the property provides affordable workforce. Recently, local manufacturing and service economies have begun to burgeon again, attracting outsiders. While the healthcare industry is the main staple of Johnstown’s economy, it is now followed by the high-tech defense industry with the region drawing well over $100M annually in federal government contracts.
“This transaction is part of a trend of a cash-flowing, stabilized, affordable housing market with the value add opportunity to increase rents. We had multiple tours and offers on the property and our investors are actively pursuing similar investments,” said Mr. Lanni.
Valley Bank provided financing for the transaction. Daniel Lanni joined Kislak in 2010 and is consistently among the firm’s leading producers. He specializes in the sale of multifamily and other investment properties in central New Jersey with a particular focus along the Jersey Shore. He was the recipient of the firm’s 2011 Rookie of the Year Award and was promoted to a senior vice president in 2019.
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.