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RRA Sells Two Value-Add Multi-Family Properties In Lehigh Valley, PA

by RRA on April 21, 2016
RRA Sells Two Value-Add Multi-Family Properties In Lehigh Valley, PA

PHILADELPHIA, PA–(April 21, 2016) – Rittenhouse Realty Advisors is pleased to announce the sale of two apartment buildings in Allentown, PA:  26-36 East Wyoming Street and Whitehall Terrace, located at 914-26 North 12th Street.

The Wyoming Street property consists of 12 apartment units, which recently underwent $75,000 in capital improvements.  Renovations included kitchens, bathrooms, common areas and laundry as well as a new parking lot for the property.  A few units had not been renovated prior to sale, making the acquisition a great value-add opportunity for the new buyer.

Whitehall Terrace features 8 three-bedroom, one and a half bath units.  The property also has a newly installed roof and new HVAC units.  Prior to sale, the unit rents were significantly under market, creating a value-add opportunity for the new owner.

The apartment investment sales market in Allentown is experiencing increased activity.  RRA Associate Luke DeLuca, who specializes in this market, noted:  “We had tremendous amount of interest in both properties due to the buzz surrounding the Allentown market. Almost half of the tours we did were with out-of-state investors looking to purchase property in the city of Allentown.”