Wednesday, March 23, 2016

Kislak Completes $41.6 Million, 493-Unit Multifamily Sales In Lancaster, PA

by Steve Lubetkin,
The Kislak Company recently arranged sales of four multifamily properties with 493 housing units in Lancaster, PA for $41.6 million.

The separate transactions included the $20.6 million sale of Quail Run Apartments and Stone Mill Station Apartments with a total of 261 units that were sold together; the $16 million sale of Greenland Village, a 180-unit property; and the $5 million sale of City View Apartments, a 52-unit property. Kislak marketed all of the properties on an exclusive basis and company president Robert Holland represented all parties in the transactions.

“Central Pennsylvania remains a strong rental market and is attractive to multifamily investors because of its growing job markets and population, says Holland. “This growth fuels demand for multifamily housing and gives owners of multifamily properties rent growth year after year.”

Quail Run Apartments is a 136-unit apartment complex with private entrances and off-street parking. Constructed in 1965, the property is situated on 10.1 acres with 17 two-story buildings. Units feature walk-in closets, dishwashers, and balconies or terraces.  Approximately 67 percent of the units have been renovated.

Stone Mill Station Apartments is a 125-unit apartment complex. The property was built in 1966 on 5.3 acres with 11 three-story buildings. Amenities include individually controlled HVAC units, large spacious floor plans, walk-in closets, laundry facilities and off-street parking. Approximately 89 percent of the units have been renovated.

“Quail Run and Stone Mill are located close to one another, allowing the owner to provide multiple options and floor plans for prospective tenants as well as saving money by sharing some of the services between the properties,” says Holland.

Greenland Village is a 180-unit garden-style apartment complex adjacent to the 43-acre Flory Park. More than $1 million in capital improvements was invested over five years, including new kitchens and baths in 160 of the units.  The property has individual entrances. Greenland Village is located minutes from major highways Route 30, Route 220 and the Pennsylvania Turnpike.

City View Apartments is a 52-residential unit, six-story elevator mid-rise apartment building with balconies and on-site parking and garages. The property was built in 1965 and underwent significant renovations in 2010. The property is located one block south of Lancaster General Hospital and across the street from Lancaster General College of Nursing and Health Services. At the time of closing, the property was fully occupied.

“City View demonstrates the rising trend of tenants to moving back to cities. The ability to walk to a coffee shop or restaurant or shopping has become increasingly more popular with residents who don’t want to have to drive everywhere,” says Holland. “Lancaster’s downtown has had a renaissance while retaining its old world charm.”

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