V.P. Matt Wolf Handles Exclusive Sale of 24 Units in Cumberland County
Woodbridge, N.J., August 9, 2021 – The Kislak Company, Inc. announced the recent sale of Raider House Apartments, a multifamily property with 24 units located at 20 Britton Road in Shippensburg, Pennsylvania, which is a submarket of Carlisle-Harrisburg in Cumberland County, for $2,150,000.
Kislak marketed the property on an exclusive basis with Vice President Matt Wolf handling the assignment, and he also procured the purchaser.
Following closing, the property was renamed the Flats of Shippensburg.
Mr. Wolf commented, “This is our second time selling the property. We sold it to the sellers in 2017. The purchaser is a longtime Kislak client, and this sale is our third transaction together.”
Built in 1998 and originally known as Britton Court, the property consists of two, two-story, concrete block construction buildings totaling 25,000 square feet on approximately two acres of land. Capital improvements completed in 2020 include new roofs, 12 new HVAC systems, a new staircase, and premium upgrades to two of the 24 units. The upgraded units demonstrate the value-add opportunity for the remaining units in that they command an additional $200 per month per unit.
All units include three bedrooms and one bathroom and feature kitchen breakfast bars, walk-in closets, hardwood floors, individual washers, and dryers, second floor balconies, wheelchair access and assigned, off-street parking spaces.
The property’s superior location has made it extremely attractive to renters. The property borders Shippensburg University and is within one mile of major retailers and restaurants as well as major employers such as Volvo Construction Equipment, Procter & Gamble, Beistle Company, Schreiber Foods, and Walmart.
At the time of closing, the property was fully occupied.
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.
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 2020 Power Broker by CoStar Group, Inc. and this was the firm’s 15th consecutive recognition.