A New Jersey brokerage team said it represented the owner in the $18.2 million sale of a 264-unit apartment complex in Whitehall Township.
Orchard Drive Associates, based in Whitehall, sold Orchard Drive Apartments at 1239 Washington St. to a private investor, said Adam Zweibel, vice president of Gebroe-Hammer Associates of Livingston, N.J. David Jarvis, executive vice president of Gebroe-Hammer, also served on the brokerage team for the transaction.
Gebroe-Hammer represented the seller and procured the buyer, Zweibel said in a statement. The name of the buyer was not disclosed.
“The property appealed to the buyer because it presented significant value-add potential within a rapidly growing submarket close to transit, shopping and schools,” Zweibel said. “At the time of sale, the buyer had plans to implement capital improvements that will modernize and reposition the property over the long term.”
The property covers about 257,860 square feet, Zweibel said. Rents at the time of sale ranged from $600 to $1,000 a month.
“The Lehigh Valley and Philadelphia/South Jersey submarkets are among the region’s top MSAs [metropolitan statistical areas] where millennial-aged/executive-level tenant demand continues to trend upward and is expected to do so for quite some time,” Zweibel said in a statement.
The apartment complex includes on-site community amenities ranging from off-street parking and laundry facilities to professionally landscaped courtyards and playgrounds.