Forks Township, PA — The joint venture of Ashley Development Corporation, a leading real estate development firm with a diverse portfolio of residential and commercial properties, and Black Bear Asset Management LLC (BBAM), a real estate investment management and advisory firm, announced that it has completed the sale of the four-building Sullivan Parke apartment complex in the Lehigh Valley, PA to a private buyer for $35.55 million.
BBAM had previously acquired a 50 percent common equity interest in Sullivan Parke with the balance owned by Ashley Development Corp.
In addition, Black Bear Capital Partners (BBCP), a real estate financial advisory firm and subsidiary of BBAM, acted in an advisory capacity for the sale as well assisting in the debt placement across all four buildings for the buyer, with an aggregate loan amount of $19.26 million.
BBCP senior managing partner Emil DePasquale and managing partner & head of Northeast Region Brandon Harris of BBCP arranged the financing packages for the sale and debt, respectively.
“We are pleased to complete the sale of Sullivan Parke,” said BBAM’s senior managing director Bryan Manz. “The sale of Sullivan Parke is a record pricing per unit for the Lehigh Valley area, proving how strong this rapidly growing area has been.”
Located at 2250, 2265, 2280, & 2295 Lafayette Park Drive in Forks Township, PA, Sullivan Parke is a luxury multifamily complex consisting of four apartment buildings containing 102 units. The property spans approximately 119,000 s/f over 6.97 acres. Sullivan Parke’s best-in-market class A garden-style apartments provide residents premier apartment living.
Sullivan Parke features an array of amenities in each building including a fitness center, 3rd-floor lounge with balcony, ample parking, storage, and elevator access to each floor. Each open concept unit is equipped with high-quality appliances and finishes, a private balcony or patio, washer and dryer, and walk-in closets.
The new development also offers extensive privacy-style landscaping, outdoor grilling areas, outdoor bench seating, and a dog walking area. These luxury units are desirably located less than ten (10) minutes from downtown Easton, providing residents access to some of Lehigh Valley’s most popular attractions.
“After analysis of the Lehigh Valley market, we looked for a scalable opportunity and a best-in-class partner within the industry.” Manz added. “Fortunately, this venture accomplishes both aspects and we believe this is an extraordinary opportunity based on Ashley Development’s strong pipeline of projects, assets, and local expertise.”
The Ashley Development/BBAM JV continues to thrive. In 2022, the JV closed on a $13 million capitalization for Polk on Third, an office-to-mixed-use conversion in Bethlehem, PA with 52 residential units and more than 15,000 s/f of ground-floor commercial space. BBCP helped place long-term, fixed-rate debt at $10.35 million for the partnership.
Adjacent to Polk on Third is the partnership’s next JV venture. 404 Mechanic St. is a new mixed-use development expected to break ground in Q2 2024. With a projected total capitalization of $20 million, 404 Mechanic Street will consist of 80 residential units and two (2) stories of commercial space, spanning approximately 7,695 sf. The project is slated to deliver in Q3 2025.