Three Lehigh Valley townhome and apartment complexes were recently sold for a combined $20 million.
SCOPE Commercial Real Estate Services said Thursday that the three complexes totaling 132 units are considered high-quality purchases in a growing market. They are:
- Aspen Apartments, an 80-unit property in Whitehall Township that sold for $11.83 million.
- 521-526 S. Austin St., a six-building, 24-unit property in east Allentown that sold for $3.8 million.
- 855-868 N. Ulster St., a 28-unit property in east Allentown that sold for $4.4 million.
Zeke Rotter, vice president at SCOPE, said the Philadelphia real estate company had the exclusive listing for the Allentown buildings and said the seller entered into an agreement to buy the Aspen Apartments as part of a tax deal.
“The buyer of Aspen Apartments capitalized on the equity created from the 52 units to scale their portfolio while streamlining management under one roof,” Rotter said. “Moreover, they will continue to benefit from their investment in one of the Northeast’s leading markets for rent, job, and population growth. The sale of these three transactions underscores the strong investor demand for quality multifamily assets in high-growth areas like the Lehigh Valley.”…