22A — January 2025 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers
1031 Exchange drives $11.83M sale of Aspen Apartments in Whitehall, PA Rotter of SCOPE facilitates $20M sale of three multifamily communities in Lehigh Valley PA
HILADELPHIA, PA — SCOPE Commercial Real Estate Services, LLC (SCOPE) has announced the sale of three multifamily transactions, totaling 132 units, located throughout the Lehigh Valley region. All three trans- actions total $20.03 million, equating to $151,742 per door. The three multifamily proper- ties include: • Aspen Apartments, an 80- unit property in Whitehall, PA that sold for $11.83 million • 501-26 S Austin St., a 24- unit property in Allentown, PA that sold for $3.8 million P
Aspen Apartments
855-868 N Ulster St
501-526 S Austin St
1031 exchange and purchased Aspen Apartments on an off- market opportunity as the upleg in the exchange. “The buyer of Aspen Apts capitalized on the equity created from the 52 units to scale their portfolio while streamlining management under one roof,” said Rotter. MAREJ continued from page 2A Outpatient Real Estate Sector . . . were delivering on average 4.3 million s/f of MOB space across the top 100 metros. Since then, the average has fallen to 3.5 million s/f per quarter. So, demand has been outpac- ing supply since the pandemic. The result has been increasing occupancies across the top 100 Metros. The average oc- cupancy rate has risen from that 91.4% range in mid-2021 to 92.9% as of the 3rd quarter of 2024. The gains have been consistent, and a direct result of the trends outlined above. When looking into 2025 there is reason to believe these trends will continue. There is no sign that construction starts are going to rise. Costs are still up, and finance rates have risen making it more dif- ficult to make projects work. Demand for new space should also continue into 2025. The long-term secular trends are still in place and healthcare spending and employment continues to rise. This leads to compelling investment opportunities across the MOB sector. Ex - pect investment volumes to increase in 2025. Hospitals and health systems are al- ready increasing their real estate moves. Will REITs and private investors increase their volumes in 2025? Stay tuned as Revista will be here to track it in real time! Mike Hargrave is the co- founder and principal at Revista, LLC. MAREJ
• 855-868 N Ulster St., a 28- unit property in Allentown, PA that sold for $4.4 million Zeke Rotter , VP at SCOPE,
led the transaction on behalf of the deal team for all three transactions. SCOPE had the listing to market 501-26 S
Austin St. and 855-868 N Ul- ster St. on behalf of a regional family office. The seller of the two properties entered into a
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