(Read more on the multifamily market.)
ALLENTOWN, PA-David Connelly of North Plainfield, NJ hasacquired a portfolio of two small, aged, but well-leased,multifamily properties here for $62,500 a unit. The assets, whichhave an aggregate of 56 units, are Julian Court Apartments at 1521W. Union St. and the Livingston Apartments at 1411 W. HamiltonSt.
Livingston, which has 36 units, was built in 1928 and isapproximately 93% occupied. Current rents range from about $600 amonth for a one-bedroom unit to $1,095 a month for a three-bedroomlayout.
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