Boyd Wilson Pays $97M for Pennsylvania Community

Boyd Wilson has acquired The Landings, a 384-unit community in Bethlehem, Pa., for $97 million. The buyer secured a $67.9 million Freddie Mac senior acquisition loan, as well as $13.5 million in preferred equity from Northmarq Fund Management, in a transaction brokered by Northmarq.

OneWall Communities previously owned the asset, according to Yardi Matrix information. The firm had acquired it 2019 from Home Properties. with the help of a $47.4 million loan issued by CBRE Capital Markets.

Northmarq Senior Vice Presidents John Banas, Kris Wood, Joel Heikenfeld and Charlie Rimkus, together with Director Peter Sherman, led the team that arranged the financing package.

A closer look at The Landings

Comprising 33 two-story buildings, the community was delivered in 1972 on a 30-acre site at 1818 Catasauqua Road. The unit mix features one- to three-bedroom layouts ranging from 760 to 1,255 square feet. Shared amenities include a fitness center, business center, clubhouse, playground, swimming pool and grade-level parking with 750 spots.

The property is just off Pennsylvania State Route 378 and close to the interchange with U.S. Route 22. Both thoroughfares connect the area to the Lehigh Valley International Airport and Allentown, Pa., some 2 and 5 miles west, respectively. Downtown Philadelphia is within 60 miles southeast.

The Allentown-Bethlehem area currently is among the top emerging housing markets in the U.S., according to a Yardi Matrix ranking. The market had one of the highest occupancy levels in the set at the end of last year, well above the national average.