JV to Build 216 Units in Lehigh Valley
The community will span 16 acres.
Greystone Capital, Black Bear Asset Management and The Crest Group are teaming up to develop Van Buren East, a 216-unit multifamily community in Palmer Township, Pa., part of Pennsylvania’s Lehigh Valley.
The $67 million project will comprise six residential buildings, 467 parking spaces and a standalone clubhouse on 16 acres. Ninety units will have one-bedroom layouts, while 126 units will contain two bedrooms.
Black Bear Capital Partners, a subsidiary of Black Bear Asset Management, arranged $8.35 million in financing to support the acquisition of the land and funding for predevelopment activities. The Crest Group will handle property management, and is also providing capital alongside Black Bear. Greystone Capital will lead construction and operations.
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Apartments will include private balconies, in-unit laundry and open-concept floor plans. Community amenities will include a fitness center, resident lounge and pickleball court, along with electric vehicle charging stations and outdoor grilling areas.
The multifamily development is located at 1493 Van Buren Road, about 5 miles from downtown Easton, Pa., and 24 miles from downtown Allentown, Pa. Lehigh Valley International is some 12 miles away.
Lehigh Valley’s hot rental market
Pennsylvania’s Lehigh Valley ranked second nationally among smaller metros for apartment market competitiveness, according to a RentCafe analysis of Yardi Matrix data from the first three quarters of 2025. The area trailed only Fayetteville, Ark.
According to the report, the region recorded a 3.8 percent vacancy rate and a 79.4 percent lease renewal rate for the first three quarters of 2025. Supply in the metro increased nearly 2.6 percent in the first three quarters of 2025, compared to the 2.4 percent growth recorded in 2024.
RentCafe reported that growing demand in the area is driven by commuters, remote workers and transplants from New York and New Jersey who are searching for more affordable housing.
