by Steve Lubetkin, Globest.com
The 87-unit Lebanon Court Apartments community has traded for $5.85 million.
The property at 1102 Jackson Blvd. was sold by High Associates to YMZ, LLC.
Built in 1964, Lebanon Court was acquired in July 2017 by High Associates from Philadelphia-based investment firm Equus Capital Partners as part of a four-complex portfolio in central Pennsylvania.
“Lebanon Court offered a great opportunity for an out-of-state buyer to purchase a value-add property for his portfolio.We are continuing to see an influx of New York and New Jersey buyers purchasing multifamily assets in central Pennsylvania.”
Financing was provided by Investors Bank. The new ownership plans include upgrades to the kitchens and bathrooms.
The property consists of eight three-story brick buildings situated on 3.6 acres with 30 one-bedroom units, 56 two-bedroom units and one three-bedroom unit. Units feature single-pane windows in aluminum frames, large closets, hardwood and carpeted flooring, electric baseboard heating with individual thermostats and hot water heaters along with thru-wall AC units.
www.omegare.com
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