Called Lakeview Manors, the property is located at 1717 Bath Rd.It is a 209,860-sf complex, consisting of 16 three-story buildingson a 16-acre lot, just off Route 95 and the Pennsylvania and NewJersey turnpikes. It is comprised of two studios, 231one-bedroom/one-bath units and 62 two-bedroom/one-bath units.


The occupancy rate, now in the 90% range, is expected toincrease to meet the market average of 95%, Talone "Apartment fundamentals are strong in Buck's Countyand we think the rental market will improve even more, given whatis happening in the residential markets right now." At $66,102 perunit, the asking price is on par with other comps. Talone points toa $73,000 per unit sales of a similar apartment building thattraded recently. "We consider this to be a value-add opportunityfor a buyer," he says, "as the new owner can bring the occupancyrate up through renovations and a new leasing strategy."


MacLaren adds that "High barriers to entry for apartmentbuildings in this market, combined with a projected increase in therenter pool will allow the new investor to benefit from a stableoccupancy with the promise of future rent growth."

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