PA Community Changes Hands for $12M

The transaction is representative of the strong demand for multifamily assets in the Harrisburg-Carlisle MSA, a growing alternative market, according to Rittenhouse Realty Advisors.
Marshall Square
Marshall Square

Post Road Management has acquired Marshall Square, a 144-unit community in Camp Hill, Penn. Rittenhouse Realty Advisors brokered the $12.3 million transaction. Triple Crown Corp. divested the asset. According to Yardi Matrix, the sale was subject to a $10.1 million Freddie Mac loan, originated by Berkadia.

Marshall Square is located at 6 Marshall Drive, on the western bank of the Susquehanna River, and minutes away from Ridley Park. The community comprises eight one-bedroom and 136 two-bedroom units, ranging from 534 to 914 square feet. Common-area amenities include a swimming pool, storage space, laundry facilities and 180 parking spaces. The 11 buildings, completed in 1973, were94 percent occupied as of June, according to Yardi Matrix.

Many restaurants, retailers and the Geisinger Holy Spirit general hospital are situated within minutes of Marshall Square, and several parks are also nearby. Residents have immediate access to major thoroughfares such as state routes 11 and 581, as well as interstates 81 and 83. Downtown Harrisburg is across the river, approximately 4 miles from the community.

This transaction reflects the strong demand for value-enhanced, multifamily investments within the Harrisburg-Carlisle MSA. We have seen investors shift their focus to this submarket from the Philadelphia, New Jersey and New York areas due to the shortage of investment opportunities,” said Mark Duszak, director at Rittenhouse Realty Advisors, in a prepared statement.

Duszak and his team brokered the Camp Hill transaction. Rittenhouse Realty Advisors recently closed the sale of a student housing community in Philadelphia‘s University City neighborhood.

Image courtesy of Rittenhouse Realty Advisors