PHILADELPHIA, PA--(Marketwired - February 03, 2015) - Rittenhouse Realty Advisors is pleased to announce the sale of the Washington Crossing Apartments in Allentown, PA. The property consists of 36 studios and 72 one-bedroom apartments and is situated in a quiet residential area that is conveniently located close to the downtown districts of Allentown and Bethlehem, PA. It is also within walking distance to the local elementary school and several parks.
The previous owner spent over $360,000 in capital improvements since 2011 which included new hot water heaters, appliances, in-wall air conditioners and flooring. Improvements to the common areas include refinished laundry facilities, as well as new paint, lighting and carpets throughout all four buildings. Additionally, roofs were replaced on a majority of the property. "This property attracted significant interest from both local and regional investors as well as buyers from New York and New Jersey. The group who ultimately purchased the property is from the New York market," said Ken Wellar, Managing Partner at RRA.
Steve Miceli, an Associate at RRA summarized the transaction, stating: "Cap rates are continuing to compress with increased demand on stabilized, well-positioned assets. Washington Crossing has shown a track record of positive rental growth and stabilized occupancy, further illustrating the current economic climate in the Lehigh Valley." Corey Lonberger, Managing Partner at RRA, added: "Through our unique marketing process, with current supply and demand in this market, we were able to achieve a 6% cap rate for this property."
Acquisition financing for this property was procured by Rittenhouse Capital Advisors. For more information on current rates or to view our available listings visit www.RittenhouseRealty.com.
Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors is a real estate advisory firm with an extensive focus in the brokerage of multi-family communities throughout the northeast region of the United States. Formed in February 2013 by a group of advisors with more than 30 years of commercial investment sales experience, our focus is on multi-family and mixed-use properties with significant residential components.