Joni Sweetwood, VP of the Woodbridge, NJ-based Kislak Co., represented both the buyer and the seller, identified as 9000 Spruce Park LLC, in the transaction. The seller is based here, according to Sweetwood. "The growing Lebanon marketplace attracted the buyer, who was drawn to the area for its strong investment outlook," she says. The new owner plans to install new windows and upgrade the exterior.
The asset was built in 1969 and was 98% occupied at the time of the sale. A Kislak spokeswoman tells GlobeSt.com the rent rates range between about $700 a month and $800 a month.
According to a first-quarter 2007 report from the Philadelphia office of Marcus & Millichap, the vacancy rate for the class B/C multifamily segment throughout the MSA is 4.4%. Asking rent rates in the B/C segment are up 3.6% in comparison with the same quarter of 2006. The average effective rent among all classes throughout Philadelphia and its surrounding counties is $968 a month.
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