Fulton Market Apartments at 417 East Frederick St. in Lancaster, Pennsylvania — Courtesy: The Kislak Co.
By Joshua Burd
An investor has purchased a 37-unit apartment property in Lancaster, Pennsylvania, for more than $5.8 million, in a deal arranged by The Kislak Co.
The Woodbridge-based brokerage firm represented Fulton Market Property LP in the transaction at 417 East Frederick St., the site of what’s known as Fulton Market Apartments. An undisclosed buyer paid $5.825 million for the asset, which comes with what Kislak described as value-add potential due to its below-market rents.
“This was a great opportunity to reposition the property and capitalize on the growing demand for residential housing in the city of Lancaster,” said Kislak Senior Vice President Matt Wolf, who also procured the buyer.
He noted that the property, located in Lancaster’s Ross section, includes a 31-unit building constructed in 1909 and redeveloped in 1993, along with a second structure with six townhomes built at the same time as the upgrades. The property also contains a parcel across the street at 452 East Frederick St., which is used mainly for off-street resident parking, and is minutes from dining, retail and employment hubs such as Lancaster General Hospital.
