WHITEHALL, PA-Making good on its intentions to acquire more properties in Pennsylvania, Fort Lee, NJ-based the Orbach Group buys Barkley Village, which is located on approximately 17 acres in this suburb four miles north of Allentown, for $13 million, or nearly $73,864 a unit. In late November, Orbach acquired the Apartments at Newpointe outside Philadelphia from the same seller, Bucks County-based Barness Organization. That marked Orbach's initial expansion from New Jersey to Pennsylvania.
Barkley Square is a 24-building, 176-unit multifamily rental complex at 3225 Carbon Street. Meyer Orbach, president of the Orbach Group, tells GlobeSt.com it was built in 1975 and is 99% leased. The average rental rate for a two-bedroom unit in the complex is $775 a month.
"Competition in Pennsylvania's multifamily investment sales market is heating up," Orbach says. "There were several very close rounds of bidding for Barkley Village, and we bid significantly above the asking price to ensure our success. He adds that the firm plans unit-by-unit capital upgrades as the apartments turn over.
John McFadden and Bob Miller of CB Richard Ellis represented both the buyer and seller as well as the earlier one in this state. Scott Assouline of Meridian Capital arranged financing, and Richard Klein of the law firm of Feinstein, Raiss, Kellin & Booker was the Orbach Group's legal advisor. Orbach says the company plans to continue an aggressive acquisition strategy. Within two years it has acquired more than 1,300 multifamily units, valued at approximately $150 million, throughout New Jersey and Pennsylvania.
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