Rittenhouse Realty Advisors Sells 78-Unit Apartment Complex in Whitehall, Lehigh County, PA
Rittenhouse Realty Advisors is pleased to announce the sale of Whitehall Commons in Lehigh County.
Rittenhouse Realty Advisors is pleased to announce the sale of Whitehall Commons, a 78-unit apartment complex located in Whitehall, Lehigh County, PA. The property, built in 1971, sits on close to 4 acres and features a mix of one, two and three bedroom units. The complex is located at the intersection of MacArthur Road and Lehigh Valley Thruway, enabling residents to enjoy convenient access to the shops and restaurants at Lehigh Valley Mall less than a mile away.
Whitehall, a suburb of Allentown, has a stable rental market, but this particular property was more than 10 percent below market in rents. “We have been tracking this deal, as well as the buyer, for over two years,” stated Ken Wellar, Managing Partner of Rittenhouse Realty Advisors. “When it became available via auction, we had buyers lined up.” The property was in a state of distress at the time of the sale and the new buyer plans major renovations to increase the rent roll. “With below market rents and a high vacancy rate, the new buyer has an excellent opportunity to increase the value in a relatively short amount of time,” noted Corey Lonberger, Managing Partner of Rittenhouse Realty Advisors.
Read the full article at Market Wired.