A New Jersey firm that has recently expanded into Pennsylvania bought an apartment complex in Topton for $3.1 million.
Matthew Wolf, investment real estate adviser for High Associates Ltd. in Lancaster, said he closed on the sale of Franklin Walnut Apartments earlier this week.
YMK Holdings of Jackson, N.J., bought the property from an investor from Emmaus, Wolf said. Wolf said he represented the buyer and the seller.
The garden-style apartment complex, built in 1978, includes 48 units across six buildings, he said. The new owner plans to install a new roof next year, he said.
The property, which sits on 4.7 acres, was 98 percent occupied at the time of closing and consists of 44 two-bedroom units and four one-bedroom units.
“We got eight offers on the property, some local, some out-of-state,” Wolf said.
The site is about one mile from Route 222 and in close proximity to East Penn Manufacturing, where many of the apartment residents work.