SCOPE announces the sale of 132 multi-housing units in three transactions including Aspen Apartments, 80 units in Whitehall, and two communities in East Allentown totaling 52 units.
Philadelphia, January 9, 2025 – SCOPE Commercial Real Estate Services, LLC (“SCOPE”), a leading middle-market multifamily investment sales firm, has announced the sale of three multifamily transactions, totaling 132 units, located throughout the Lehigh Valley region. All three transactions total $20.03 million, equating to $151,742 per door.
The three multifamily properties include:
· Aspen Apartments, an 80-unit property in Whitehall, PA that sold for $11.83 million
· 501-26 S Austin Street, a 24-unit property in Allentown, PA that sold for $3.8 million
· 855-868 N Ulster Street, a 28-unit property in Allentown, PA that sold for $4.4 million
Zeke Rotter, Vice President at SCOPE, led the transaction on behalf of the deal team for all three transactions. SCOPE had the exclusive listing to market 501-26 S Austin Street and 855-868 N Ulster Street on behalf of a regional family office. The seller of the two properties entered into a 1031-exchange and purchased Aspen Apartments on an off-market opportunity as the upleg in the exchange.
“The buyer of Aspen Apartments capitalized on the equity created from the 52 units to scale their portfolio while streamlining management under one roof," said Rotter. "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."
Aspen Apartments, located at 3 Maryland Circle in Whitehall, PA, is a three-story apartment complex containing 80 units. The units feature a mixture of one-, two-, and three-bedroom layouts ranging from 1,080 square feet to 1,600 square feet. Select units have been renovated with new flooring, paint, and remodeled kitchens and bathrooms. Aspen is situated off of MacArthur Road, Whitehall’s “Golden Strip,” where you’ll find the vast Lehigh Valley Mall, as well as other dining, entertainment and shopping options.
501-26 S Austin Street was constructed in 1985 and 2003 in two phases. The property consists of 24 flats and is comprised of all two-bedroom, one-bathroom units that feature private garages, balconies and both modern and classic finishes.
The 1970-vintage 855-868 N Ulster Street consists of townhomes and apartments totaling 28 units. The units are a mixture of renovated and unrenovated, some featuring upgrades to the kitchen cabinetry, bathroom fixtures, new stainless-steel appliances, new flooring, and balcony updates. Ulster Street offers a unit mixture of two-bedroom apartments and two- and three-bedroom townhomes, with an average unit size of 935 square feet. The Austin Street and Ulster Street properties are situated just 2.5 miles from each other, both in the East Allentown submarket.
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ABOUT SCOPE
SCOPE is a Mid-Atlantic-based community of commercial real estate brokers, professionals, and consultants. Privately held, SCOPE offers middle-market investment sales, debt & structured finance, and asset advisory services across multiple asset classes. SCOPE empowers its stakeholders through its collaborative growth model and culture.
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