Monday, December 23, 2019

PA Apartment Complex Trades for $5.7 Million

by John Jordan
The 96-unit Meadowbrook Lane Apartments community here has traded for $5.7 million.

The 96-unit development at 881 Meadowbrook Lane was built in 1987 and is situated on 4.25 acres. The complex features 96 one-bedroom units in two-story row apartments. Each unit includes a washer and dryer, individual entrances and a balcony or patio with one parking space.
The buyer of the property was not identified.

“This was an excellent opportunity for the purchaser to acquire a value-add property and enter a new market. The purchaser plans to complete renovations on units as they turn over.”
The property is located in south central Pennsylvania in the Cumberland Valley region. Chambersburg is surrounded by large Amish and Mennonite farm communities. While the cost of living is low in the region, the economy is mainly agriculturally-based with manufacturing being the largest sector in terms of payroll.

Major employers in and near the town include Summit Health Services/Chambersburg Hospital, Chambersburg Area School District, Franklin County government, Ventura Foods, Wilson College and Letter Kenny Army Depot and Camp David nearby.

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