CP Landing, a Flemington, N.J.-based real estate investment firm which operates a number properties around the Greater Lehigh Valley, has purchased a senior high rise in Catasauqua for $4 million.
The 75-unit property, Catasauqua Elderly Towers, was purchased from a consortium of entities led by the Alliance for Building Communities in Allentown, which maintains affordable housing properties thoughout the region.
Brad Fatzinger, president and CEO of the Alliance for Building Communities, said the property was not up for sale when the organization was approached by a potential buyer, which didn’t ultimately end up buying the building.
“But it started the discussion that with the proceeds from the sale, maybe we could do a couple of different projects and help sustain other properties,” Fatzinger said.
Realtor Megan Miller of David A. Klein Real Estate in Allentown had worked with CP Landing in the past and knew it had experience with federal Department of Housing and Urban Development properties, such as the Catasauqua Tower.
She brought the buyer before the property was listed for sale.
Lewis Edwards of Lehigh Financial Group then helped CP Landing obtain special HUD financing, helping to secure a favorable low-cost fixed-rate loan for the purchase.
CP Landing has plans to improve utilities and upgrade each apartment with new doors, kitchen cabinets and more. All apartments in the building are one-bedroom.
Some grants that ABC previously secured through HUD will be used to offset the cost of the upgrades that CP Landing plans.