M ID A TLANTIC Real Estate Journal — Pennsylvania — September 23 - October 20, 2022 — 15B P ENNSYLVANIA Wolf arranges sale of Grammary Court Apartments & The Callowhill Building Kislak sells multifamily & mixed-use properties in Reading, PA for $6.2 Million
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EADING, NJ — T he Kislak Company, Inc. announced the
the commercial tenants have longer term leases. With the apartment rents at below market prices, the purchaser has the same opportunity to renovate kitchens and bath- rooms and raise rents. 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 PA. 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 $100M. MAREJ
recent sale of Grammary Court Apart- ments and The Callow- hill Build- ing in Read- ing, Berks County for $6.15 million.
Matt Wolf
Grammary Court Apartments is located at 211-221 West Douglass Str. and includes 33 residential units and a day- care facility. The Callowhill Building is located at 153-157 North 5th St. and includes 17 residential units and four commercial spaces. Kislak marketed the proper- ties on an exclusive basis with senior vice president Matt Wolf handling the assignment, and he also procured the purchaser. Wolf said, “This is a new re- cord for per unit pricing in the City of Reading. The purchaser plans to renovate units and make other capital improve- ments at the properties.” Grammary Court Apart- ments consists of a two and one-half story brick building with four studios, 16 one- bedroom units, 13 two-bedroom units and a daycare facility. The apartment rents are below market providing a value-add opportunity for the purchaser to renovate kitchens and bath- rooms and raise rents. The seller had previously renovated four of the 33 residential units. Amenities include onsite parking, laundry facilities and ample additional storage, and the property is within walking distance to shops and restau- rants. At the time of closing, the property was fully occupied with a waiting list. The Callowhill Building is a four story, wood and stucco building built in 1922, and ren- ovated in 1986, and located in the central business district. It includes four occupied commer- cial spaces on the first floor and four studios, 10 one-bedroom units and three two-bedroom units on the second, third and fourth floors. Amenities include onsite parking, an underground parking garage and laundry facilities, and the property is also within walking distance to shops and restaurants. At the time of closing, the building was also fully occu- pied with a waiting list, and
Grammary Court Apartments
The Callowhill Building
EXCLUSIVE PROPERTIES FOR SALE
Allentown, PA 24 Loft-Style Units + 8 Units To-Be-Completed Robert Holland ext 285 Matt Wolf ext 237
West New York, NJ 13 Units Davis Briones ext 370
Guttenberg, NJ 9 Units + 1,200 SF Retail Thomas Scatuorchio ext 255 Michael Salomon ext 243
West Orange, NJ 3 Buildings | 13,647 SF Mixed-Use Jeff Squires ext 246 Joni Sweetwood ext 273
Howell, NJ 19,300 SF Industrial Complex Daniel Lanni ext 248
Livingston, NJ 6)0HGLFDO2IÀFH Scott Davidovic ext 290
The Kislak Company, Inc. | kislakrealty.com | 732 750 3000
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