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Holland and Wolf arrange off-market sale of six properties Kislak sells 825-unit multifamily portfolio in Harrisburg, PA for $50M

SPOTLIGHTS MULTIFAMILY FINANCING ISSUE HIGHLIGHTS Volume 31, Issue 15 August 9 - 22, 2019 3-16A REDCOM HOLDS GROUNDBREAKING CEREMONY FOR RESIDENCE INN UPCOMING CONFERENCES September 24, 2019 6 th Annual NJ Apartment & Multifamily Conference September 25, 2019 Pennsylvania Apartment & Multifamily Conference November 1, 2019 5 th Annual NJ CRE Leadership Conference For speaking and sponsorship information, please contact: Lea at 781-740-2900 or lea@marejournal.com 3B

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three of the properties twice before orchestrating the port- folio sale. The portfolio was previously assembled over a number of years for approxi- mately $15 million. The $50million sale marked the largest multifamily sale in Harrisburg this year accord- ing to date from CoStar. The properties are well- located throughout Harris- burg, which is the capital of Pennsylvania and among the state’s largest cities with a strong workforce and increas- ing population. The city is a major private and public sector employment center given the high concentration of state and Federal govern- ment agencies. The city offers convenient highway access to Rtes. 81 and 83 and the Penn- sylvania Tpke. “The portfolio is a value-add opportunity,” said Mr. Hol- land. “King St. has the ability to increase rents following the completion of property upgrades.”  ment centers, including Joint Base Anacostia-Bolling, An- drews Air Force Base, MGM National Harbor, and Suit- land Federal Center, driving demand among residents who wish to live close to their work. “WorthingtonWoods was one of Washington DC’s most sig- nificant tax credit acquisition/ rehab opportunities and one of the District’s largest properties traded in the last couple years,” said Tangney. “Our clients, WCSmith and Aldon Torch, ran an incredible operation at the community which garnered a lot of attention from the na- tional buyer community. Our experience and knowledge of the DC MSA market, where since the beginning of 2019 we have sold 839 multifamily units totaling $82M in DCWards 7 & 8, enabled us to really highlight the unique opportunity and find the right buyer who would be able to usher the community forward.” 

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

the recent $50 million o f f -market s a l e o f a multifamily portfolio in Harrisburg w i t h 8 2 5 residential units along with eight commercial spaces and f o u r c e l l phone tow- ers. The portfo- lio includes the following

Robert Holland

River Plaza

- Bellevue Towers with 118 units and six commercial spaces at 2400 Market St.; - Magnolia Gardens with 114 units at 210 Hale Avenue; and - Magnolia Hills with 108 units at 35 Thomas St. Kislak arranged the sale on an off-market basis with president Robert Holland and vice president Matt Wolf handling the assignment on

behalf of the sellers, affili- ates of The Loketch Group led by principals Moishe and Pinny Loketch. Messrs. Hol- land and Wolf also procured the purchasers, affiliates of King St. Commons. All par- ties involved are longtime Kislak clients. During Holland’s 35-year tenure with Kislak, he previ- ously arranged the sale of four of the properties once and

Matt Wolf

properties, all of which are located in close proximity to one another in Pennsylvania’s capital: - River Plaza with 269 units and two commercial spaces at 2311 North Front St.; - Riverfront Park with 216 units at 2600 Green St.;

Greysteel arranges the sale ofWorthington Woods in Washington DC for $37 million

WASHINGTON, DC — Greysteel has arranged the sale of Worthington Woods, a 394-unit garden-style multi- family community located in Washington, DC. Greysteel president & CEO, Ari Firoozabadi ; manag- ing dir., Kyle Tangney; dir.

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Worthington Woods

cured the buyer, Montgomery Housing Partnership. The property sold for $37 million. The 394-unit property is located at 4419 3rd St., SE, Washington, DC constructed in 1944, Worthington Woods was fully placed-in-service under the Section 42 Low Income Housing Tax Credit program in 2002. The property’s location in Southeast Washington, DC is convenient to many major public and private employ-

Herbert Schwat ; sr. invest- ment associate, Henry Ma- thies ; and investment associ- ate, Dutch Seitz , of the c omp a n y ’ s W a s h i n g - ton, DC of- fice, sold the property on behalf of the seller, WC- Smith and Aldon Torch and solely pro- Kyle Tangney

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