Tuesday, July 30, 2019

Harrisburg Rentals Trade for $50 Million

A local investment shop plunked down $50 million for an apartment portfolio in Harrisburg, the Pennsylvania capital city.

The transaction is the biggest multifamily deal in Harrisburg this year.

Park Run Management, of Pottstown, Pennsylvania, acquired the five-property, 825-unit portfolio in an off-market deal with Loketch Group of New York City. The price translates into a value of $60,000 a unit, but several of the properties include ground-floor retail space. The deal also includes four cell phone towers.

All five properties are mid-tier assets built between 1939 and 1956. They're all located close to one another on the east bank of the Susquehanna River. The new owners are looking to boost rents at the properties after a campaign of property renovations and upgrades.

The properties include: River Plaza, with 269 units and two commercial spaces at 2311 N. Front St.; Riverfront Park, with 216 units at 2600 Green St.; Bellevue Towers, with 118 units and six commercial spaces at 2400 Market St.; Magnolia Gardens, with 114 units at 210 Hale Ave.; and Magnolia Hills, with 108 units at 35 Thomas St.

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