Philadelphia, March 27, 2023 – Scope Commercial Real Estate Services, LLC (“SCOPE”) announced today that it has closed the sale of Bridge Street Apartments, a 52-unit LIHTC multifamily complex located in Stroudsburg, PA. The property sold for $4.35M, equating to $83,654 per residence.
SCOPE marketed the property on behalf of the Seller, a national multifamily ownership group, and represented the Buyer, a regionally based investment group. Director, Jonathan Massaro led the transaction on behalf of SCOPE and the respective deal party.
“Bridge Street faced several factors working against a smooth transaction,” says Massaro. “The I-80 reconstruction project posed an eminent domain issue with one of the building’s proximity to the project, coupled with flood zoning, and an overall challenging market. Despite all the negative forces, we were able to keep forward momentum and reach a successful closing for all parties.”
Bridge Street Apartments, located at 116 Fairground Circle, is an eight-building garden-style community developed under the Section 42 Low Income Housing Tax Credit program and was put into service in 2000. At the time of sale, the property was in an extended use period. The property features a common area laundry facility and on-site parking. The unit mix of Bridge Street is comprised of all four-bedroom, two-bathroom units with private patios and balconies.
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SCOPE is the Philadelphia region's preeminent commercial real estate services firm. Privately held, SCOPE offers middle-market investment sales, debt & structured finance, and asset advisory services in the multifamily, mixed-use, and development asset classes. SCOPE empowers its agents through collaboration and technology. In effect, our clients benefit from the most current market intelligence available. This market intelligence coupled with decades of deal making experience ensures maximum return on investment.