EASTON, PA—Lehigh Manor, a 75-unit garden style apartment complex located in Easton, PA, has been sold for $4.715 million, approximately $63,000 per unit and more than 99 percent of the original list price.
Ridge MacLaren, first vice president, investments; Clarke Talone, senior associate, and Andrew Townsend, vice president, investments, all in Marcus & Millichap’s Philadelphia office, marketed the property on behalf of the seller, which the firm declined to identify beyond saying it was an out-of-state limited liability company that had owned the property for approximately 10 years.
The buyer, also a limited liability company Marcus & Millichap would not name, was also secured by Talone, MacLaren and Townsend. The team conducted more than 10 tours and received six offers on the 2.48 acre property.
“The amount of interest we saw on this property is evidence that investors searching for yield are willing to look into secondary markets to achieve their investment goals,” Talone says. “Due in part to its proximity to downtown Easton and major thoroughfares Routes 22 and 78, this mainly residential neighborhood has improved solidly over the years.”
Lehigh Manor, 95 percent occupied at the time of sale, is located at 600 E. Canal St. in Easton, about a mile from the “Centre Square” downtown area. The apartment community, which includes 63 two-bedroom units and 12 three-bedroom units, received new windows, updated kitchens, and replaced roof during the seller’s ownership.
“This deal is an indicator that the market for apartment remains white hot, especially when properties are well maintained,” Talone says.