Philadelphia, Pa., November 26, 2024 – SCOPE Commercial Real Estate Services, LLC (“SCOPE”), a leading middle-market multifamily investment sales firm, has announced the sale of 230-unit, garden-style apartment complex in Harrisburg, PA. The multifamily asset sold for $21.5 million, equating to $93,478 per unit.
Craig Dunkle, senior director at SCOPE, and Mher Vartanian, director, had the exclusive listing to market the property on behalf of the seller. SCOPE sourced and represented the local second-generation multifamily owner and operator, who ultimately secured the winning bid.
“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,” says Dunkle. “The sellers demonstrated effective long-term management, achieving strong returns through an extended hold period, and we anticipate continued success and growth for the new buyer and the asset.”
The acquisition featured attractive agency assumable debt, which was well-received by potential buyers amid the volatility in the debt market.
“The buyer assumed a 3.41% interest-only loan through 2030, far below today’s current borrowing costs, while capturing a 30 percent potential increase in rents,” add Vartanian.
“This value-add transaction highlights Harrisburg's workforce renter base and the limited availability of similar opportunities.”
Originally constructed in 1948 and fully renovated in 2000, Taylor Park Apartments have been well-maintained, with units featuring classic finishes and potential for further enhancements. The 43-building subdivision totals 212,650 rentable square feet across 16.83 acres with ample parking for residents. The 230 units are comprised of studio and one-bedroom apartments, as well as one-, two-, and three-bedroom townhomes. Taylor Park Apartments is historically 97% occupied.
Located at 2751 Wilson Parkway, Taylor Park Apartments benefits from excellent highway access to Interstate 83, enabling residents to reach major employment, retail and entertainment hubs throughout the Greater Harrisburg Area. The complex is also positioned directly south of Kline Plaza, a grocery-anchored center, and just east of John Harris High School and Marshall Middle School.
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