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Central Jersey investor buys Allentown apartments, mixed-use properties for $2.8M

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(Contributed) These two Allentown residential and commercial properties sold for a total of $2.755 million.
(Contributed) These two Allentown residential and commercial properties sold for a total of $2.755 million.

Rittenhouse Realty Advisors, a Philadelphia-based real estate firm, said it sold 30 units in Allentown for a total of $2.755 million to a New Jersey investor.

One property, Julian Court Apartments, is a 20-unit building at 1521-1525 W. Union St. The other is a mixed-use property of eight apartments and two commercial units at 142-144 N. Seventh St.

Luke DeLuca, senior associate at Rittenhouse, declined to disclose the buyer, who purchased the properties as a portfolio, but said the out-of-state investor is “very high” on the Allentown market.

Lehigh County real estate transactions show 1521 Julian LLC of Lakewood, N.J., bought the West Union Street property from 1521 W. Union LLC.

Property records also show that 142 N. Seventh St. LLC of Lakewood, N.J., bought 142-144 N. Seventh St. from 144 Seventh LLC.

A home health care service and grocery store both occupy the two commercial units on North Seventh Street.

DeLuca said the buyer plans to upgrade the apartments, renovate the kitchens and bathrooms and increase the rents.

The move represents a growing trend the firm sees in out-of-state investors showing interest in the local commercial and residential real estate market.

Ken Wellar, managing partner at Rittenhouse Realty, said in a statement that is seeing an increase in buyers from New Jersey and New York City looking to invest in the Lehigh Valley market.

The portfolio was 100 percent occupied at the time of the sale.

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Brian Pedersen

Brian Pedersen

Reporter Brian Pedersen covers construction, development, warehousing and real estate and keeps you up to date on the changing landscape of our community. He can be reached at brianp@lvb.com or 610-807-9619, ext. 4108. Follow him on Twitter @BrianLehigh and read his blog, “Can You Dig It,” at http://www.lvb.com/section/can-you-dig-it.

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