A partnership of local investors bought 33 fully leased upscale townhouses in Forks Township for nearly $4.2 million, indicating the potential for strong residential growth in the Northampton County township. The multifamily property is in Towne Centre at Sullivan Trail near Walgreens and several other retail establishments.
Nic Zawarski & Sons, a homebuilder and developer in Bethlehem, sold the townhouses to SSF Properties 1 LLC for $126,000 per unit, said Christopher Baj, senior adviser for Sperry Van Ness/Imperial Realty, a commercial real estate firm in Hanover Township, Lehigh County.
Baj represented the buyer and seller in the transaction, along with Thomas Skeans, managing director at Sperry Van Ness/Imperial Realty.
“It’s a record high per-unit sale in the Lehigh Valley,” Baj said. “It signifies the confidence of investors in the market. We are seeing a lot of activity in Pennsylvania. When you generate labor demand, you obviously generate demand for housing.”
The property went from listing to under contract in fewer than 60 days, Baj said. The units were fully leased at the time of the sale and will be managed by the Sperry Van Ness/Imperial Realty office.
Zawarski built the single-story townhouses in 2009.
“It’s very refreshing to see signs of recovery in the commercial real estate industry,” said Taras Zawarski, president at Nic Zawarski & Sons. “The most recent economic downturn was quite brutal, especially with how it curtailed lending and made that process quite onerous. I do hope that the lending industry gets back to sensible lending.”
American Bank of Allentown offered a financing rate of 3.75 percent in the transaction.
Near Town Centre is another spot, at Sullivan Trail and Meco Road, already approved for 76 townhouse units and a four-commercial lot subdivision for potential office space, Baj said.
The land, owned by Nic Zawarski & Sons, is for sale and covers about 20 acres. The site improvement costs are about $2 million, Baj said.