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BRISTOL, PA-A regional limited partnership, South Penn Associates LLC, has put a multifamily complex here on the market that has been priced at $19.5 million, or $66,102 per unit. At 295 units, it is one of the larger-sized properties to come to market in a while, according to Clarke Talone, one of the brokers handling the transaction. Besides Talone, an investment specialist in Marcus & Millichap’s Philadelphia office, Donald MacLaren, a VP of investments and director of the firm’s National Multi Housing Group in Philadelphia, and Nat Gambuzza, a senior associate and associate director of the NMHG in New Jersey, are representing the seller.

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

The occupancy rate, now in the 90% range, is expected to increase to meet the market average of 95%, Talone tells GlobeSt.com. “Apartment fundamentals are strong in Buck’s County and we think the rental market will improve even more, given what is happening in the residential markets right now.” At $66,102 per unit, the asking price is on par with other comps. Talone points to a $73,000 per unit sales of a similar apartment building that traded recently. “We consider this to be a value-add opportunity for a buyer,” he says, “as the new owner can bring the occupancy rate up through renovations and a new leasing strategy.”

MacLaren adds that “High barriers to entry for apartment buildings in this market, combined with a projected increase in the renter pool will allow the new investor to benefit from a stable occupancy with the promise of future rent growth.”

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