6C — June 17 - July 21, 2022 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com
O wners , D evelopers & M anagers Senior VP Matt Wolf handles sale of 37 units in Lancaster County, PA The Kislak Company, Inc. sells Fulton Market Apartments for $5.8 Million
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containing 31 units, was re - developed in 1993; and the second building constructed at the same time as the redevel - opment of the original build - ing, consists of six townhouses. Wolf commented, “This was a great opportunity to reposition the property and capitalize on the growing demand for resi - dential housing in the city of Lancaster.” With rents at below market value at the time of the sale, the apartments provide a value- add opportunity to increase rental income with the renova - tion of kitchens and bathrooms. The property’s spacious units
range in size from 1,200 to 1,600 square feet and the unit breakdown includes 32 two bedroom units with 1.5 bath - rooms and five three bedroom units with 2.5 bathrooms. The original 31 units redeveloped in 1993 contain original wide, wood plank flooring, in-unit washers and dryers, separate hot water heaters and HVAC units. The townhouse units contain in-unit washers and dryers, individually metered water and gas HVAC units, and two-car garages. The property contains an additional parcel located across the street at 452 East Frederick Street, which is used mainly for off street, resident parking. Ideally situated just north - east of downtown Lancaster, the Ross neighborhood, named after George Ross, a member of the Continental Congress and a signer of the Declaration of Independence, hosts historic homes and many period apart- ments, lofts, and townhomes renovated throughout the area. Home to Lancaster General Hospital, one of the largest em - ployers in Lancaster County, the neighborhood affords easy commutes for residents. Among other attractions, it offers res - taurants, cafes, bars, and shops within walking distance of Ross and convenient access to Clip - per Magazine Stadium, Sixth Ward Park, and Lancaster Science Factory. Matt Wolf joined Kislak in 2017 following over a decade of success in the commercial real estate industry focused on mul - tifamily and other investment sales transactions in central and eastern Pennsylvania. In 2020, he earned the firm’s Jay I. Kislak Producer of the Year award after selling over 1,100 residential units valued at nearly $100 million. Mr. Wolf is a Certified Commercial Invest - ment Member and also holds a Pennsylvania broker’s license. He was promoted to a senior vice president in 2022. The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm consistently rec - ognized for its investment sales success. Established in 1906, Kislak’s market leadership po - sition and longevity are due to its ability to offer clients a per - sonalized, hands-on approach, coupled with the unrivaled ex - pertise of its long-tenured team of professionals. MAREJ
ANCASTER, PA — The Kislak Company, Inc. announced the recent
sale of Ful - ton Market Apartments, a 37-unit apartment building at 417 East Frederick St. in Lancaster, Lancaster County for $5,825,000.
Matt Wolf
417 East Frederick St.
Kislak marketed the property on an exclusive basis on behalf of the seller, Fulton Market Property, LP, with senior vice president Matt Wolf handling
the assignment, and he also procured the purchaser, which was not disclosed. Located in the Ross neigh -
borhood of Lancaster, the property consists of two build - ings – the first built in the Colonial Revival style in 1909
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