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