This Week’s Philadelphia Deal Sheet: 230-Unit Harrisburg Multifamily Complex Sells For $21.5M
Scope Commercial Real Estate Services arranged the auction of a 230-unit garden-style apartment community in Harrisburg, which ultimately went for $21.5M.
The nearly 17-acre Taylor Park Apartments complex at 2751 Wilson Parkway is 97% occupied, according to a press release from Scope. The residences were built in 1948 and underwent extensive renovations in 2000.
“It is rare in today’s market to find a 230-unit legacy value-add apartment complex that hasn’t traded hands in over 40 years,” said Scope Senior Director Craig Dunkle, who arranged the deal alongside Director Mher Vartanian. “The sellers demonstrated effective long-term management, achieving strong returns through an extended hold period.”
The winning bidder, a local second-generation multifamily owner, assumed debt from the seller with an interest rate of just 3.41%, far below what’s currently available to the average borrower. The buyer could potentially raise rents as much as 30%, Vartanian said.
Taylor Park is located in the easternmost section of Harrisburg, near the city’s border with Paxtang. It’s about a 10 minute drive from downtown and the State Capitol.
SALES
Real estate investment manager Faropoint purchased a 9-acre site in Gloucester County with plans to build a nearly 74K SF industrial facility. The project at 255 Swedesboro Road outside of Gibbstown will feature 32-foot clear heights and 15 loading positions.
Wendy Banscher of Fox & Roach represented the seller. Faropoint did not use a broker.
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The 165-unit Carriage House at 3500 Powelton Ave. in University City has been purchased for $22.5M, the Philadelphia Business Journal reported. Global Student Accommodation Group sold the student housing complex to JSB Capital Group. The property sold for $33.6M in 2020.
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Felicity Street Investments recently spent $3.6M on the 21-unit Lofts at Henry Hall complex at 2209 N. Broad St. near Temple University. The 17K SF building sold by V2 Properties also has a 500 SF ground-floor commercial space.
Marcus & Millichap Associate Vince Peruto listed the property and procured the buyer.
LEASES
Art dealer Moderne Gallery has leased a 13K SF warehouse at 4324 Tackawanna St. in the Frankford section of Philadelphia. Vantage Commercial Senior Advisor Vince Ceroli represented the buyer through the leasing process.
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The structural heart technology company Excision Medical recently moved its corporate headquarters to a 12K SF space at 260 Sierra Drive in Exton, part of the Hankin Group’s larger 800-acre mixed-use Eagleview development.
Mitch Reading of Tactix Advisors represented Excision while Hankin was represented internally by Sam Sherrill.
CONSTRUCTION AND DEVELOPMENT
Endurance Real Estate Group and Greystar-Thackeray are building a 176K SF warehouse space in Montgomery County. The facility at 205 Schoolhouse Road in Souderton will include 36-foot clear heights, 60-foot speed bays and LED lighting with motion sensors.
A JLL team including Chad Orcutt, Ryan Ade and Blaine Fleming helped Endurance secure financing for the project.
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Larken Associates has broken ground on a 420-unit multifamily project in the Lehigh Valley, REBusinessOnline.com reported. Trailside Village in Forks Township will also have nearly 27K SF of retail space across two mixed-use buildings. Construction is expected to wrap up sometime in 2026.
