Friday, January 25, 2013

Lancaster Multifamily Portfolio Trades for $28.2M

A Pennsylvania real estate investment company sold its three multifamily properties containing 387 apartments in Lancaster, PA for $28.2 million, or about $73,000 per unit. 

"The portfolio includes three recently improved multifamily buildings in the burgeoning Lancaster area," says Pierce. "These highly desirable assets were in excellent condition, having recently undergone improvements such as new windows, sliding patio doors, renovated pool areas and fitness centers." 

Windsor Court Townhomes at 1821 Hidden Lane totals 126 units in a single-family neighborhood in the western suburbs. Its recent improvements include a renovated fitness center, pool area, community room and leasing office, along with new windows and sliding doors. The asset commanded $10.9 million. 

Cherryhill Villas at 560-02 Estelle Dr. totals 118 units on 12 acres located just three miles from Windsor Court. French architecture and tenant-paid utilities separate the property, which brought a price tag of $8.5 million. 

Sweetbriar Apartments at 1917 Oregon Pike totals 143 units in a heavily-traveled downtown corridor with numerous retail and industrial jobs and a mile from all major highways. The property enjoys a refurbished private pool area and new windows and doors, as well as significant upside potential. The community sold for $8.8 million. 

The sale included the assumption of existing debt from agency lender financing on all three properties.

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