RRA SELLS 64 UNITS IN THE LEHIGH VALLEY FOR $7,000,000
PHILADELPHIA, PA–(5/7/20) – Rittenhouse Realty Advisors is pleased to announce the sale of The Park Apartments, located at 1501-1509 Liberty Street in Easton in the Lehigh Valley area of Pennsylvania. The property features a great unit mix of one and two-bedroom units, many with semi-private entrances. All but five units were renovated with new kitchens and baths. The property has easy access to Route 22 (Lehigh Valley Thruway) and Interstate-78.
At the start of the second quarter of 2020, The Lehigh Valley’s multi-family property sales volume was close to $76 million. The area population has grown considerably due to the reasonable cost of living and robust economy, which includes manufacturing, healthcare and education, and business and professional services. The GDP for the Lehigh Valley totaled $41.2 billion in 2018 and continues to grow.
Luke DeLuca, a Senior Associate at RRA, stated: “Through RRA’s unique marketing process we are continually able to bring new buyers to the Lehigh Valley. In order to net the highest return for our clients, we target buyer pools that are willing to pay aggressive cap rates more similar to New York and New Jersey markets.”
CoStar reports that the average rent in the Lehigh Valley at the end of the first quarter of 2020 was at $1,205. Further, the Valley’s apartment vacancy rate has been well below the U.S. average, and as of the close of the first quarter was just 3.9%.
“This was the 7th deal we closed since Covid-19 started. It was a very challenging deal to get across the finish line, but we were able to get creative and figure out a way to close at the price we went to contract on,” added Ken Wellar, Managing Partner at RRA.