Mid Atlantic Real Estate Journal — October 11 - 24, 2013 — A
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M id A tlantic R eal E state J ournal 229 residential units trade in Whitehall and Reading Kislak completes $14.7m sale of PA multifamily properties
FOR LEASE IN YOUNGWOOD, PA YOUNGWOOD INDUSTRIAL CENTER
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OODBRIDGE, NJ— TheKislakCompa- ny, Inc. announced
the $14,733,685 sale of two multifamily properties in east- ern Pennsylvania. The transac- tions include the $8,935,000 sale of Independence Square, a 133-unit property in White- hall, and the $5,798,685 sale of Washington Towers, a 96-unit property in Reading. “The demand for multifamily properties throughout eastern Pennsylvania remains very strong with local, regional and national investors vying for available properties,” said Robert Holland, president and co-managing director. “We are experiencing a surge of activity from New York and New Jer- sey investors given the area’s close proximity and its growth potential.” Independence Square is a brick apartment building with 133 one-, two- and three-bed- room apartments. Holland represented the seller and VP Jonathan Greenberg represented the purchaser. The seller was Independence Square, a subsidiary of Geller Associates of Roseland, NJ. “Rob Holland understands the Lehigh valley market and always delivers,” said Adam Geller , principal of Geller As- sociates. The seller was represented by Anthony Pantano, Esq. , and the purchaser was repre- sented by Louis Sroka, Esq. Financing was provided by Northfield Bank . At the time of closing, the property was 95% occupied. Washington Towers is a 12- story brick structure’s 96 units. The property is located in downtown Reading. Holland represented the seller and senior VP Joni Sweetwood represented the buyer. “The professional manage- ment of this property resulted in excellent cash flow from the apartments, which attracted the purchaser,” said Sweet- wood. “The additional upside potential of rent from the va- cant retail space helped close the deal.” The seller was represented by Michael Setley, Esq. , and the purchaser was represented by Scott Herzog, Esq. Fi- nancing was provided by Sov- ereign Bank . At the time of closing, the property was 95% occupied. n
LEASED AND MANAGED BY: MARK ALLISON INVESTORS REAL ESTATE AGENCY 724-925-0215 or mallison5 @ aol.com
MMSON_MidlanticRealEstate_B&W_FINAL_Layout 1 4/5/13 1:08 PM Page 1 Independence Square Apartments in Whitehall, PA
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