Thank you for sharing!

Your article was successfully shared with the contacts you provided.

READING, PA-Locally based Metropolitan Management Group put a three-property multifamily portfolio with an aggregate of 225 units up for sale at slightly less than $14.3 million, or an average of $63,333 a unit. The seller plans to take advantage of the 1031 exchange tax code and defer taxes on the sale by acquiring land and/or some retail properties.

Scott A. Messmore of the Philadelphia office of Marcus & Millichap and a member of M&M’s national multihousing group, is the listing agent. The properties–Silk Mill Apartments, Washington Towers and Berkshire Tower Apartments–are being marketed as a package.

Silk Mill is a 42-unit, loft-style complex at 1200 North 11th St. in Northeast Reading. The property, constructed in 1890, served as a silk mill for generations before being converted into a premier apartment facility in 1986. The 33,090-sf complex on three-quarters of an acre is 95% occupied. Its price is valued at $3 million, or about $71,429 a unit.

Washington Towers is a 12-story multifamily/office Downtown landmark at 50 North Fourth St., an area undergoing revitalization. The building was constructed in 1966 and contains 93 units and 17,130 sf of office space. Occupancy is 89%, and the property is valued at just under $6.8 million.

Berkshire Tower Apartments at 777 East Court St. in Northeastern Downtown is a high-rise, constructed in 1976. It contains 90 units in 72,260 sf and is 92% occupied. The property is valued individually at $4.5 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.