M id A tlantic Real Estate Journal — Pennsylvania — June 8 - 21, 2018 — 11C
www.marejournal.com
P ennsylvania
Greystone assumes financing by Freddie Mac Kislak’s Holland arranges sale of 261-unit portfolio in Lancaster for $25.5 million
M
of salespeople, he specializes in the sale of multifamily and other investment properties throughout central and eastern Pennsylvania. The Kislak Company, Inc., which is headquartered in Woodbridge, NJ, is a com- mercial real estate brokerage consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a per- sonalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals.
ANOR TWP., PA — TheKislakCompa- ny, Inc. announced
the recent sale in Lancaster County of 261 residential units in a portfolio consisting of two multifamily properties – Quail Run Apartments and Stone Mill Station Apartments – for $25.5 million. President Robert Holland represented both the seller and buyer. With a strong presence throughout eastern Pennsylvania and having a long-standing relationship with the purchaser, Berger Rentals, Holland facilitated the transaction as yet another in a series of past acquisitions for the purchaser. He noted, “The deal repre- sented a value-add opportu- nity for the purchaser to obtain higher rents by upgrading kitchens and baths. This was the fifth time Kislak sold these properties, with the sale price higher each time as the rent roll has grown.” Uniquely, the Quail Run Apartments at 1424-B Passey Lane in Lancaster, and Stone Mill Station Apartments at 250 Stone Mill Rd. in Manor Town- ship, include 136 and 125 resi- dential units, respectively, and were at 95% occupancy at time of sale. Both complexes are garden style apartments con- sisting of 17 two-story and 11 three-story buildings, respec- tively, and are well-maintained and beautifully landscaped. The unit mix for both proper- ties is approximately 55% two- and three-bedroom units and 45% one-bedroom units. Ap- proximately 80% of the kitchens and baths have been upgraded with additional improvements to windows, roofs, hallways and stairs. Large spacious floor plans, walk-in closets, balconies/terraces or patios and individually-controlled HVAC are among the many features of the units. The properties, within a half- mile of each other, are conve- niently located in fast-growing Lancaster County with a popu- lation of over 600,000 residents and centrally located with easy access to major Pennsylvania thoroughfares. Near major shopping centers, houses of worship and excellent public schools and many universities, the properties offer resident amenities such as off-street parking, private entrances, fitness center, on-site leasing office, playground and laundry
Quail Run Apartments
Stone Mill Station Apartments
facilities. “Berger Rentals owns proper- ties in the Lancaster market and these two are close by, increasing their presence in the market. The loan amount
was approximately $21 million; the purchaser paid $4.5 million above the existing loan,” said Holland in closing. Freddie Mac financing was assumed by Greyston e.
Holland joined Kislak in 1984, is one of the firm’s all- time leading salespeople and became president in 2012. In addition to overseeing the company and managing a team
C entral Pa’ s l argest t hird -P arty r etail & C ommerCial P roPerty m anagement F irm Since 1991, LMS has served the commercial real estate and business communities by providing exemplary property management, construction, development, leasing and brokerage services.
1200 g reensPrings d rive Y ork , Pa 17402
120 n P ointe B lvd , s uite 301 l ancaster , Pa 17601
www .lms-Pma. com
717.569.9373
leasing managment sales
Made with FlippingBook flipbook maker