Gebroe-Hammer Associates has arranged the sale of a 211-unit apartment community in Bethlehem, Pa. Joseph Brecher, executive managing director represented the seller in the $26.1 million transaction and obtained the buyer.
Lehigh Crossing is located at 1416 Livingston St., near the city’s historic center. The community comprises two-, three- and four-bedroom townhomes, featuring lower-level walk-out basements. Units were recently renovated, with upgraded baths, kitchens with tile-flooring, cherry-wood cabinets and other furnishings. A children’s playground and off-street paved-surface parking garages are available to residents.
The Stefko Boulevard shopping center is nearby, with its multiple retailers, restaurants, grocery shops and other businesses. Among the city’s largest employers are St. Luke’s Hospital and Health Network, Air Products, Sands Casino, Amazon and Lehigh Valley Hospital. Commuting to work is facilitated by immediate access to routes 22, 33 and Interstate 78.
“Lehigh Crossing posed a rare acquisition opportunity associated with outstanding, historically stabilized fundamentals among its critical-mass, courtyard-style counterparts in the Lehigh Valley. The buyer was attracted to Bethlehem because it is a city on the rise, offering multi-family investors a gateway to a local multi-generational tenant cohort seeking connectivity and proximity to a high concentration of healthcare, education, medical device manufacturing and insurance company jobs,” said Brecher in a prepared statement.
Brecher was recently involved in a $88.9 million portfolio transaction in suburban Philadelphia, with Gebroe-Hammer marketing the properties.
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