V.P. Matt Wolf Arranges Exclusive Sale of The Gables Apartments
Woodbridge, N.J., March 29, 2021 – The Kislak Company, Inc. announced the recent sale of The Gables Apartments located at 900 and 904 South Main Street in Lewistown, Mifflin County, in south-central Pennsylvania, for $2,000,000.
Kislak marketed the property on an exclusive basis with Vice President Matt Wolf handling the sale, and he also procured the purchaser.
Mr. Wolf commented on the transaction: “The sellers did an excellent job renovating and redeveloping a former hotel into an apartment complex while keeping the character of the original hotel. The purchaser was excited to add a turnkey asset to their portfolio.”
The property consists of three two-story buildings originally built in 1966, which were gut-renovated in 2019 inclusive of new roofs. In all, the buildings contain 28 one-bedroom and 3 two-bedroom units, each with a washer and dryer; all new appliances; outdoor balconies or ground level patios; storage spaces and on-site parking. Other amenities include a fitness center and community center. The buildings were fully occupied with a waiting list at the time of the sale.
Approximately three miles away from the property is Geisinger Hospital, Lewistown Hospital School of Nursing, and Mifflin County Academy of Science and Technology. Nearby attractions are the restored early ironworks at Greenwood Furnace; Reeds Gap State Parks; and Lewistown Narrows, a scenic gorge on the Juniata River.
Located on the Juniata River, about 45 miles northwest of Harrisburg and almost equidistant from both Philadelphia and Pittsburgh, Lewistown was one of the state’s early pioneering iron-manufacturing centers along the Pennsylvania Canal, whose economic base today rests upon farming and manufacturing of steel products, farm machinery, textiles and apparel, and metal doors. Routes 22 and 522 are main thoroughfares nearby for the car dependent town of approximately 10,000 residents.
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. He is a Certified Commercial Investment Member and also holds a Pennsylvania broker’s license.