12B — September 27 - October 10, 2019 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers
Holland, Lupo, Wolf handles sale of Bethlehem Silk Mill Kislak sells late 19th Century luxury apartment building in Bethlehem, PA for $7.05 million B
ETHLEHEM, PA — The Kislak Compa- ny, Inc. announced the sale of Bethlehem Silk Mill, a luxury apartment building consisting of 61 units at 238 Goepp St. in Bethlehem, for $7.05 million. Kislak marketed the prop- erty on an exclusive basis with president Robert Holland and vice president Justin Lupo handling the assign- ment. Vice president Matt Wolf represented the pur- chaser. Holland commented, “This is the second time Kislak sold this property. The seller benefited from the rent growth
Matt Wolf
Robert Holland
Justin Lupo
that’s occurring in the Lehigh Valley and was able to sell for considerably more than what they paid for it seven years ago.” Built in 1886, the four-story, elevator apartment building
was gut renovated in 2010 with additional improvements in 2015-2017 wherein upon com- pletion all systems, windows, and interiors were replaced. A unique property in the down- town Bethlehem rental mar- ket, this one-of-a-kind building offers Manhattan-style, high end loft appeal in a prime location. “Demand for multifamily properties in eastern Pennsyl- vania, especially in the Lehigh Valley, is considerably stron- ger than ever,” said Lupo. “The purchaser came in with an extremely aggressive offer in an effort to move the property into contract and ultimately to closing. He owns another asset near the Silk Mill and is familiar with the market. The seller was pleased with our marketing efforts and the price achieved.” A former silk mill, the build- ing consists of 11 studios and 35 one-, 9 two-, 4 three-, and 2 four-bedroom apartments, all with spacious layouts and 10-20-foot ceilings, brick walls, and architectural beams throughout. Occupancy at the time of the sale was at 100%. In-unit amenities include ample closet space, large windows, hardwood flooring, washers/dryers, and stainless steel appliances including dishwashers. Ample on-site parking is available for all ten- ants and visitors. The property is within walk- ing distance from downtown Bethlehem and provides ten- ants with easy access to shop- ping, restaurants, entertain- ment and public transporta- tion. Moravian College, Sands Casino and Hotel and St. Luke’s Hospital are a few of the major employers in Beth- lehem, situated in the Lehigh Valley region of eastern PA. This region is the state’s third largest metropolitan area with rapid growth and in close proximity to New Jersey and NYC, conveniently accessed via nearby Rtes. 78 and 22, the PA Tpke. and other major thoroughfares.
238 Goepp St.
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