Victory Estates, a 58-unit multifamily property in Slatington, sold for $3.6 million.
Marcus & Millichap, a commercial real estate services firm with offices throughout the U.S. and Canada, said the owner of the multifamily community sold the property to a long-term private investor.
Clarke Talone, vice president of investments for Marcus & Millichap’s Philadelphia office, represented the seller, a private partnership that owned the property for more than 35 years.
The $3.6 million sale equates to about $62,069 per unit, he said, noting the Lehigh Valley boasts a stable rental market.
“The market is very strong right now,” Talone said. “Multifamily fundamentals are strong in general. This is a nice, desirable property. We are seeing more buyers than sellers lately.”
Low interest rates, which are still near historic lows, make it an attractive time to be a buyer in the multifamily property market, he said.
The property includes 45 two-bedroom units and 13 one-bedroom units, a mix of townhouses and garden-style apartments with full kitchens that include dishwashers, washer and dryer hookups and central air. The buyer is planning to do upgrades to the kitchens, Talone said.
Ridge MacLaren and Andrew Townsend, investment specialists with the firm’s Philadelphia office, represented the seller, along with Talone.
The buyer was secured by Mark Krantz, retail investment sales associate at Marcus & Millichap, and Derrick Dougherty, vice president of investments at Marcus & Millichap. Brenton Baskin, regional manager, serves as Marcus & Millichap’s broker of record in Pennsylvania.