READING, NJ — The Kislak Company, Inc. announced the recent sale of Grammary Court Apartments and The Callowhill Building in Reading, Berks County for $6.15 million. Grammary Court Apartments is located at 211-221 West Douglass Str. and includes 33 residential units and a daycare facility. The Callowhill Building is located at 153-157 North 5th St. and includes 17 residential units and four commercial spaces.
Kislak marketed the properties on an exclusive basis with senior vice president Matt Wolf handling the assignment, and he also procured the purchaser.
Wolf said, “This is a new record for per unit pricing in the City of Reading. The purchaser plans to renovate units and make other capital improvements at the properties.”
Grammary Court Apartments consists of a two and one-half story brick building with four studios, 16 one-bedroom units, 13 two-bedroom units and a daycare facility. The apartment rents are below market providing a value-add opportunity for the purchaser to renovate kitchens and bathrooms and raise rents. The seller had previously renovated four of the 33 residential units.
Amenities include onsite parking, laundry facilities and ample additional storage, and the property is within walking distance to shops and restaurants. At the time of closing, the property was fully occupied with a waiting list.
The Callowhill Building is a four story, wood and stucco building built in 1922, and renovated in 1986, and located in the central business district. It includes four occupied commercial spaces on the first floor and four studios, 10 one-bedroom units and three two-bedroom units on the second, third and fourth floors.
Amenities include onsite parking, an underground parking garage and laundry facilities, and the property is also within walking distance to shops and restaurants. At the time of closing, the building was also fully occupied with a waiting list, and the commercial tenants have longer term leases. With the apartment rents at below market prices, the purchaser has the same opportunity to renovate kitchens and bathrooms and raise rents.
Matt Wolf joined Kislak in 2017 following over a decade of success in the commercial real estate industry focused on multifamily and other investment sales transactions in central and eastern PA. In 2020, he earned the firm’s Jay I. Kislak Producer of the Year award after selling over 1,100 residential units valued at nearly $100M. MAREJ
Mr. Wolf is a Certified Commercial Investment Member and also holds a Pennsylvania real estate broker’s license. He was promoted to a senior vice president in 2022.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s thirty-five professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, and Delaware.
Now in its 116th year, Kislak was among a select group of firms recognized as a 2021 Power Broker by CoStar Group, Inc. and this was the firm’s 16th consecutive recognition.