SCOPE executes sale of newly built 42-unit multifamily asset in Central Pennsylvania

Steelton, PA — SCOPE Commercial Real Estate Services, LLC (SCOPE), a middle-market multifamily investment sales firm, announced that it has arranged the $6.25 million sale of Steel Works Apartments, a newly constructed 42-unit multifamily community located in Steelton.

SCOPE represented the seller, Integrated Development Partners. The transaction was led by senior director Craig Dunkle and director Mher Vartanian. The $6.25 million sale reflects a 7.48% capitalization rate, or $148,809 per residential unit, excluding the commercial space.

Completed in 2023, Steel Works features a mix of studio and one-bedroom units averaging 787 s/f, along with 1,000 s/f of ground-floor retail space. Unit interiors include granite countertops, stainless steel appliances, in-unit washers and dryers, and luxury vinyl flooring.

“Steel Works represented a compelling opportunity to acquire a new construction asset within an affordable submarket,” said Dunkle. “With exceptional leasing velocity, achieving 88% occupancy prior to the transaction closing, the property is well positioned for future rental increases.”

“The Steelton submarket benefits from low vacancy, strong year-over-year rent growth, and limited supply,” added Vartanian. “With no projects currently in the pipeline and neighboring regions saturated with supply, we saw strong out-of-market interest from a wide range of capital sources.”

Steel Works Apartments is strategically located along North Front Street in Steelton, providing residents convenient access to major employment and amenities throughout the Harrisburg region. Situated along the Susquehanna River, the area offers ample outdoor recreation options and is within a few hours' drive of Pittsburgh, Philadelphia, Baltimore, Washington, D.C., and New York City, supporting both commuting and corporate connectivity.