Thursday, October 16, 2014

Kislak Completes $42 Million Eastern PA MF Sales

by Steve Lubetkin,
The Kislak Company has sold three multifamily properties in eastern Pennsylvania for nearly $42 million.

The transactions include the $31.1 million combined sale of Belair Townhomes, a 208-unit property, and Mayfair Manor Apartments at Grandview, a 60-unit property, both in Lancaster. Kislak also handled the $10.6 million separate sale of Auburn Station, an 85-unit loft-style property with land to build an additional 49 units in Allentown. Robert Holland, Kislak’s president, represented the sellers and purchasers, longtime Kislak clients, in both transactions.

Belair Townhomes, Lancaster, PA
“The central and eastern PA market is very hot for both buyers and sellers,” Holland tells exclusively. “It was a good time for the sellers to sell given the premium pricing. It was also a good time for the buyers to buy given the growth potential amid low interest rates with an eye toward long term hold.”

Belair Townhomes is a 208-unit luxury apartment complex that includes large one-, two-, three- and four-bedroom units with private entrances and patios in 26 three-story buildings on 32 acres. Approximately 95% of the units have been renovated and all units include individual HVAC units, eat-in kitchens, walk-in closets and laundry rooms. The complex includes ample parking and garages are available to select units.

Kislak president Robert Holland handled all three sales.
Mayfair Manor Apartments at Grandview is a 60-unit garden apartment complex located less than ten minutes from Belair Townhomes and includes large one-, two-, and three-bedroom units. Ample amenities include eat-in kitchens, balconies or terraces, and laundry facilities. The property is also 97% renovated.

Berkadia arranged Freddie Mac financing. At the time of closing, the properties were approximately 95% occupied.

Auburn Station, Allentown, PA
Auburn Station is an 85-unit loft-style apartment building with on-site parking and land to build an additional 49 units. The property contains two two-story mill-style buildings and was recently gut renovated. Units have large, open and spacious floor plans.

Scott Lipson, Esq. of Norris, McLaughlin & Marcus, PA represented the seller, and Jason Weiss, Esq. represented the buyer. Eastern Union arranged financing through Investors Bank. At the time of closing, the property was 100% occupied.

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