ALLENTOWN, PA—Marcus & Millichap arranged the sale of Mountain Lane Apartments, a three building, 24-unit apartment property at 2901 Ithaca Street, Allentown, PA, consisting of three 1-bedroom units, nineteen 2-bedroom units and two 3-bedroom units. The buyer, seller, and financial terms were not disclosed.
Daniel Bernard, associate, Andrew Townsend and Clarke Talone, both first vice president-investments, and Ridge MacLaren, senior vice president-investments, in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust, who had owned the property for 21 years. The team also secured and represented the buyer, a private company. The buyer plans to renovate all the units and address the capital improvement needs of the complex in order to increase rents substantially.
“This transaction shows the strength of the Lehigh Valley market and the overall apartment market, given how quickly the property was approached by investors and the speed at which it went under contract,” says Bernard. “Investors from New York and Philadelphia are starting to look toward the Lehigh Valley as a means to obtain higher yields where demographics continue to improve, and development is picking up.”