January 2023

6C — January 2023 — Owners, Developers & Managers — M id A tlantic Real Estate Journal


O wners , D evelopers & M anagers

S.V.P. Matt Wolf arranges sale of 59 units in Dauphin County, PA The Kislak Company, Inc. sells Harrisburg, PA multifamily properties for $5.25 Million


and increase rents in a rental market that is experiencing explosive growth.” Built in 1938, the two-story apartment building on Shell Street is located in a quiet neighborhood just minutes from downtown Harrisburg in the Progress/Colonial Park section. It includes 13 one-bed- room units, 14 two-bedroom units, and two additional units, some with balconies. The stone and brick building also has a storage unit and an onsite laundry facility. Within walking distance and a mile and half drive from

three shopping centers, the property has access to a muse- um, a science and arts center, recreation park and natural conservation areas within a 9-mile radius and college and university institutions within a 4-to-15-mile distance. Wolf remarked about the Shell Street transaction, “The purchaser is excited to expand his portfolio in the Harrisburg market. He plans to renovate units as they turn over and make im- provements to the building’s exterior. With existing rents below market, the property is a value-add opportunity for the purchaser to renovate the units and increase rents.” The property at Bigelow Court consists of 30 individu- ally deeded townhouses with below market rents and a community building. The two-bedroom/two-bath units are spacious, each contain- ing a washer and dryer, and central heat and air condition- ing, with garages and on-site parking. The property also includes 10 storage units on monthly leases. Both properties are approxi- mately less than a 5-minute drive from Rtes. 81 and 83 and 20 minutes to Harrisburg International Airport. Within Harrisburg, the Capital Area Transit system operates an extensive bus and paratransit service system in the city’s metropolitan area, also cover- ing much of the southern and eastern halves of Dauphin and Cumberland counties surrounding it. Wolf joined Kislak in 2017 following over a decade of success in the commercial real estate industry focused on multifamily and other invest- ment sales transactions in cen- tral and eastern Pennsylvania. In 2020, he earned the firm’s Jay I. Kislak Producer of the Year award after selling over 1,100 residential units valued at nearly $100 million. Wolf is a Certified Commercial Investment Member and also holds a Pennsylvania real estate broker’s license. He was promoted to a senior vice president in 2022. About The Kislak Co., Inc. The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm consistently recognized for its investment sales success. MAREJ

ARRISBURG, PA — The Kislak Compa- ny, Inc. announced

the recent sale of two multifamily properties in Harrisburg, Da u p h i n County for $5.25 mil- lion. The properties

Matt Wolf

include 213 Shell St. with 29 units and 1300 Bigelow Court with 30 units. Kislak marketed the proper- ties with senior VP Matt Wolf

handling the assignments and he also procured the purchasers. He commented,

“Both properties were attrac- tive investments due to the potential to renovate units


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www.earthengineering.com Corporate Headquarters: 610-277-0880 Lehigh Valley: 610-967-4540 Central PA: 717-697-5701 South Jersey: 856-768-1001

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