213 Shell St. and 1300 Bigelow Court, both in Harrisburg, Pennsylvania — Courtesy: The Kislak Co. Inc.
By Joshua Burd
The Kislak Co. Inc. has brokered two new multifamily trades in Central Pennsylvania, arranging the sale of 59 units for a combined $5.25 million, the Woodbridge-based firm announced.
Located in Harrisburg, the properties include a two-story, 29-unit building at 213 Shell St. The second location is 1300 Bigelow Court, which comprises 30 individually deeded townhouses with below-market rents and a community building.
Kislak Senior Vice President Matt Wolf marketed the properties and procured the buyers.
“Both properties were attractive investments due to the potential to renovate units and increase rents in a rental market that is experiencing explosive growth,” Wolf said.
Built in 1938, the Shell Street building is minutes from downtown Harrisburg in the Progress and Colonial Park section, according to a news release. It includes 13 one-bedroom units, 14 two-bedroom units and two additional units, some with balconies.
“The purchaser is excited to expand his portfolio in the Harrisburg market,” Wolf said. “He plans to renovate units as they turn over and make improvements to the building’s exterior. With existing rents below market, the property is a value-add opportunity for the purchaser to renovate the units and increase rents.”
The Bigelow Court location, meantime, is a collection of two-bedroom units, each containing a washer and dryer and central heat and air conditioning, with garages and on-site parking, the news release said. The property also includes 10 storage units on monthly leases.
Both sites are less than a five-minute drive from interstates 81 and 83 and are 20 minutes from Harrisburg International Airport.
