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RRA Sells 30 units in Allentown for $2,755,000

by RRA on August 14, 2018
RRA Sells 30 units in Allentown for $2,755,000

Rittenhouse Realty Advisors is pleased to announce the sale of the Julian Court Apartments for $2,755,000, a 20-unit building located at 1521-1525 W. Union Street in Allentown, PA and a mixed-use property comprised of 8 apartments and 2 commercial units located at 142-144 N 7th Street in Allentown, PA.

Luke DeLuca, a Senior Associate at RRA who worked on the sale, summarized the transaction: “The properties were sold as a portfolio to an out-of-state investor that is very high on the Allentown market. The portfolio was a great value-add opportunity for the new buyer who plans to renovate kitchens and baths and increase rents.”

Ken Wellar, Managing Partner at RRA, added: “We are seeing an increase in buyers from North Jersey and New York City looking to invest in the Lehigh Valley market.”

The properties attracted a great deal of interest on the market due to their excellent locations in the city of Allentown.  142 N 7th Street is a block from the Hamilton District, which is the central hub of Allentown’s revitalization efforts. The property is in the perfect location to fit into the live, work, play atmosphere that the city has created.

Julian Court is a vintage building with large units, open floor plans and well-preserved original character. It is in a quiet, residential neighborhood in Allentown.

The portfolio was 100% occupied at the time of sale.