1031 Exchange drives $11.83M sale of Aspen Apartments in Whitehall, PA
Philadelphia, PA — SCOPE Commercial Real Estate Services, LLC (SCOPE) has announced the sale of three multifamily transactions, totaling 132 units, located throughout the Lehigh Valley region. All three transactions total $20.03 million, equating to $151,742 per door.
The three multifamily properties include:
• Aspen Apartments, an 80-unit property in Whitehall, PA that sold for $11.83 million
• 501-26 S Austin St., a 24-unit property in Allentown, PA that sold for $3.8 million
• 855-868 N Ulster St., a 28-unit property in Allentown, PA that sold for $4.4 million
Zeke Rotter, VP at SCOPE, led the transaction on behalf of the deal team for all three transactions. SCOPE had the listing to market 501-26 S Austin St. and 855-868 N Ulster St. on behalf of a regional family office. The seller of the two properties entered into a 1031 exchange and purchased Aspen Apartments on an off-market opportunity as the upleg in the exchange.
“The buyer of Aspen Apts capitalized on the equity created from the 52 units to scale their portfolio while streamlining management under one roof,” said Rotter. MAREJ
“Moreover, they will continue to benefit from their investment in one of the Northeast’s leading markets for rent, job, and population growth. The sale of these three transactions underscores the strong investor demand for quality multifamily assets in high-growth areas like the Lehigh Valley.”
Aspen Apartments, located at 3 Maryland Circle in Whitehall, is a three-story apartment complex containing 80 units. The units feature a mixture of one-, two-, and three-bedroom layouts ranging from 1,080 s/f to 1,600 s/f. Select units have been renovated with new flooring, paint, and remodeled kitchens and bathrooms. Aspen is situated off of MacArthur Rd., Whitehall’s “Golden Strip,” where you’ll find the vast Lehigh Valley Mall, as well as other dining, entertainment and shopping options.
501-26 S Austin St. was constructed in 1985 and 2003 in two phases. The property consists of 24 flats and is comprised of all two-bedroom, one-bathroom units that feature private garages, balconies and both modern and classic finishes.
The 1970-vintage 855-868 N Ulster St. consists of townhomes and apartments totaling 28 units. Ulster St. offers a unit mixture of two-bedroom apartments and two- and three-bedroom townhomes, with an average unit size of 935 s/f. The Austin St. and Ulster St. properties are situated just 2.5 miles from each other, both in the East Allentown submarket.