M id A tlantic Real Estate Journal — Pennsylvania — February 14 - 27, 2020 — 5C


P ennsylvania

Portfolio consists of four properties with 96 Units Holland & Wolf of Kislak sell Hershey multifamily portfolio for $10.2 million


1984, became President in 2012, and is one of the firm’s all-time leading sales produc- ers. In addition to overseeing the company and managing a team of salespeople, he special- izes in the sale of multifamily and other investment proper- ties. Wolf joined Kislak in 2017, following over a decade of success in the CRE industry focused on multifamily and other investment sales trans- actions in central and eastern Pennsylvania. He is a Certified Commercial Investment Mem- ber and also holds a Pennsyl- vania broker’s license. 

shey Foods, Hershey Medical Cent. Dauphin and Lebanon Counties, home to the proper-

ershey, NJ — The Kislak Company, Inc. announced the

ties respec- t i v e l y and comprised of rural, urban and subur- ban munici- palities, are kn own f o r their hand- made local

recent sale of four multi- family prop- erties with total of 96 units in the greater Her- shey area for $10.2 million. P r e s i d e n t

Robert Holland

Matt Wolf

crafts, specialty and boutique shops, eateries, historic sites, winery, unusual art center, unique buildings and other at- tractions. Access to the proper- ties, 15 miles fromHarrisburg,

Robert Holland and vice president Matt Wolf arranged the sale on behalf of the seller and purchaser. “The seller chose to work with Kislak given our longer- term relationship and lengthy history selling multifamily properties in central Pennsyl- vania,” said Holland. “Kislak’s multifamily sales in Dauphin and Lebanon Counties alone total $350 million and include more than 7,500 units.” Commenting upon the sale, Wolf said: “It was a great op- portunity for the purchaser to expand their local portfolio. Hershey continues to be an excellent rental market with the Hershey Medical Center only a few miles from the portfolio. It is also only a few minutes from downtown Her- shey, which is lined with new restaurants and shops that are within walking distance of Hershey Park and the Hershey Outlets.” The portfolio consists of 18 units at White Birch Apart- ments and 32 units at Lincoln Apartments, both near each other on Fishburn Rd. in Her- shey; 32 luxury units at Li-Lo Apartments in Hummelstown; and 14 units at Barrington Court Apartments seven miles away in Palmyra. A quaint apartment com- munity, the complexes at Fish- burn Rd. offer a variety of floor plans; air conditioning as well as ceiling fans; dishwash- ers and microwaves; full size washer and dryers in select units; garages, and onsite maintenance. Through long term owner- ship the properties have been well-maintained offering an excellent value-add opportuni- ty with kitchen and bathroom renovations. Occupancy at the time of sale was over 95% with below market rents, affording increased value to the pur- chaser who plans to upgrade units as they turn over. The greater Hershey area is a unique submarket home Her-

100 miles west of Philadelphia and 200 miles east of Pitts- burgh, is via a vast network of

highways such as Rtes. 76, 78, 80, 83, and 95. Holland joined Kislak in

Made with FlippingBook - Online magazine maker