Reading, PA — Matthew Wolf, an established commercial real estate broker for High Associates, recently announced the sale of 74 units in the Centre Park historic district of Reading, valued at $5.4 million dollars. The apartment buildings included Silk Mill Apartments (42 units) and Elm View Apartments (32 units).
Silk Mill Apartments sold for $3.45 million. Originally constructed as a Silk Mill in 1900, it was converted into an apartment complex in 1981. Since then, ongoing renovations have transformed Silk Mill into the epitome of upscale living. With twenty-four one-bedroom and eighteen two-bedroom apartments, the first two floors of Silk Mill contain flats while the third floor is comprised of lofts, vaulted ceilings, spiral staircases, large windows and washers and dryers. The most recent renovation has been the installation of a brand new roof in June of 2016. Current tenants also enjoy amenities such as a gated parking lot, elevator access, and extra storage space.
Elm View Apartments sold for $1.9 million. Built in 1930 and renovated in 1995, Elm View is comprised of sixteen one bedroom and sixteen two bedroom units. The four-story complex features an on-site laundry facility, off-street parking and convenient elevator access. One bedroom efficiencies generate $700 to $775 in rental income and two-bedroom units bring the property owner anywhere from $800 to $875 per month.