Kislak sells Hawthorne Gardens in Lancaster for $17.2 million
Lancaster, PA — The Kislak Company, Inc. announced the recent sale of Hawthorne Gardens, a 144-unit class A apartment complex in Lancaster for $17.2 million.
Kislak marketed the property on an exclusive basis. President Robert Holland represented the seller and senior vice president Barry Waisbrod represented the purchaser.
Hawthorne Gardens was built in 2014 and is a garden-style apartment complex with 144 two-bedroom, two-bathroom units. Units offer nine-foot ceilings, spacious floor plans with abundant closet space, individually controlled HVAC units, full-sized washers and dryers and private patios or balconies. Property amenities include a clubhouse, fitness center and business center for tenants.
Conveniently located in Lancaster County with over 600,000 residents, Hawthorne Gardens provides tenants with easy access to shopping centers, public schools, and houses of worship via major Rtes. 30, 22 and the PA Tpke.
“The property was twice listed with national brokerage firms that did not sell it,” said Holland. “Central Pennsylvania, which is more of a secondary and tertiary market, tends to attract regional investors. We have been selling apartments in the market for decades and generated very strong interest in and multiple offers for the property. We continually produce the highest and best prices for our clients.”
“The purchaser was interested in the Lancaster market and this class A property was a great opportunity for him,” said Waisbrod.
Holland joined Kislak in 1984, is one of the firm’s all-time leading salespeople and became president in 2012. In addition to overseeing the company and managing a team of salespeople, he specializes in the sale of multifamily and other investment properties throughout central and eastern Pennsylvania.
Waisbrod joined Kislak in 2001 and is also consistently among the firm’s leading salespeople. He specializes in the sale of investment properties in and around New Jersey.