LEWISBURG, PA- A Bellefonte, PA-based buyer identified only as Century Village Associates LLC has acquired Century Village, a 40-unit multifamily community at One Airport Dr., for just over $2 million, or $51,000 a unit. Locally based Buffalo Valley Housing Association was the seller.
Eric Taylor and Mark Rohr of the Detroit office of Phoenix-based Hendricks & Partners negotiated the transaction. Hendricks & Partners is an advisory firm that focuses exclusively on multifamily sales, and Taylor and Mohr specialize in affordable housing.
"Century Village is a project-based section 8 subsidized housing facility," Taylor tells GlobeSt.com. "And it will continue operating as such under the new ownership." The reason for the sale is that the previous owner is nearing retirement, according to Taylor. Century Village was completed in 1980, and Taylor says, at the time of the sale, it was 95% occupied. Units average 925 sf, and the average rental rate is $892 per month.
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