16B — July 22 - August 18, 2022 — Pennsylvania — M id A tlantic Real Estate Journal


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P ennsylvania

J 16-unit garden-style multifamily community sells for $3.9M Malik of SCOPE sells new construction in York County ACOBUS, PA — Scope Commercial Real Es- tate Services, LLC

(SCOPE) , a middle- m a r k e t multi fam- ily invest- ment sales firm has an- nounced the sale of Syca- more Run, a

Fahd Malik

16-unit garden-style multi- family community located in Jacobus. The property sold for $3.9 million, which equates to $243,750 per unit. Fahd Malik , director at SCOPE, had the listing to market the property on behalf of the seller, a York-based developer and procured the buyer, a New Jersey-based limited-liability company. At the time of the sale, the trans- action represented a 5.50% capitalization rate with room for additional rental upside. “The lack of supply in a high- demand rental market drew attention from several inves- tors and presented a great opportunity to capitalize on the growing Central PA mar- ket,” Malik said. York County is continuing to see record-

Sycamore Run

setting rent growth due to affordability and proximity to employment driving demand.” Sycamore Run is located at 17 S Main St. in Jacobus, just six miles south of York. The 16 units are comprised of two and three-bedroom layouts

ranging in size from 910 to 1,265 s/f. The modern, new construc- tion community features pri- vate entrances, open concept living, modern appliances, porches or balconies and parking. MAREJ


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