River Plaza, Harrisburg, PA
HARRISBURG, PA—A 825-unit multifamily portfolio, along with eight commercial spaces and four cell phone towers here, has been sold for $50 million.
Woodbridge, NJ-based brokerage firm The Kislak Company, Inc. reports it brokered the off-market sale that are all located in or are in close proximity to the capital of Pennsylvania.
Affiliate of Brooklyn, NY-based The Loketch Group led by principals Moishe and Pinny Loketch sold the portfolio to affiliates of King Street Commons.
The portfolio includes River Plaza with 269 units and two commercial spaces at 2311 North Front St.; Riverfront Park with 216 units at 2600 Green St.; Bellevue Towers with 118 units and six commercial spaces at 2400 Market St.; Magnolia Gardens with 114 units at 210 Hale Ave. and Magnolia Hills with 108 units at 35 Thomas St.
Kislak president Robert Holland and vice president Matt Wolf handled the assignment on behalf of the sellers and procured the purchasers.
“The portfolio is a value-add opportunity,” says Holland. “King Street has the ability to increase rents following the completion of property upgrades.”
He adds that The Loketch Group will complete a like-kind exchange with the proceeds of the sale primarily with development opportunities in Brooklyn.
Financing for the purchase was provided by Northfield Bank and arranged by Russ Drebin of Meridian Capital Group. The sellers were represented by Mark Schlanger, Esq. of Treff & Lowy PLLC and the purchasers were represented by Donald Weiss, Esq.