Jacobus, PA — Scope Commercial Real Estate Services, LLC (SCOPE), a middle-market multifamily investment sales firm has announced the sale of Sycamore Run, a 16-unit garden-style multifamily community located in Jacobus. The property sold for $3.9 million, which equates to $243,750 per unit.
Fahd Malik, director at SCOPE, had the listing to market the property on behalf of the seller, a York-based developer and procured the buyer, a New Jersey-based limited-liability company. At the time of the sale, the transaction represented a 5.50% capitalization rate with room for additional rental upside.
“The lack of supply in a high-demand rental market drew attention from several investors and presented a great opportunity to capitalize on the growing Central PA market,” Malik said. York County is continuing to see record-setting rent growth due to affordability and proximity to employment driving demand.”
Sycamore Run is located at 17 S Main St. in Jacobus, just six miles south of York. The 16 units are comprised of two and three-bedroom layouts ranging in size from 910 to 1,265 s/f.
The modern, new construction community features private entrances, open concept living, modern appliances, porches or balconies and parking.