The Solomon Organization Acquires Harrisburg Multifamily Property
- Sep 25, 2013
Harrisburg, Pa.—An affiliate of the Solomon Organization LLC has acquired Ivy Ridge Apartments and Townhomes, a 218-unit rental community in Swatara Tonwship, Pa. The community, which features two-bedroom, two-bathroom apartments and two- and three-bedroom townhomes, is located in a suburban area near the bustling business districts of Harrisburg and Hershey.
Built last year, Ivy Ridge offers residents an array of amenities, including a clubhouse with state-of-the-art fitness center. It provides proximity to Harrisburg Mall and other retail and restaurant locations, as well as employment. Giant Foods, Harley Davidson, Hershey Entertainment & Resorts Co, Capital Blue Cross, Pinnacle Health and Harrisburg Hospital are among the large employers quickly accessible from Ivy Ridge.
Major corridors including I-83, I-283, I-76, I-81 and I-232, as well as the Pennsylvania Turnpike, are all nearby. The apartment community boasts outstanding views of the State Capital’s skyline from its hilltop setting. Residents who relish the outdoors appreciate the location near the Five Senses Gardens and the Capital Area Greenbelt, a 20-mile recreational trail that offers the opportunity to hike, bicycle, skate, jog and walk dogs through some of south-central Pennsylvania’s most picturesque scenery.
“The Solomon Organization has had great success in suburban markets with strong economies linked with large national and international companies that are headquartered in that area, including Lancaster and Bethlehem in Pennsylvania, and Ithaca and Rochester, N.Y,” the Solomon Organization managing director Evan Rosen tells MHN.
The Solomon Organization’s greatest challenge with any of its communities is managing to keep prices low while creating new and exciting features that allow for the contemporary lifestyle residents want and deserve, Rosen says. This being a new development, little capital improvement is required, he adds.
Among the selling points of the community’s residences are open layouts, executive kitchens, high ceilings and hardwood floors.
The Solomon Organization plans an improvement project at the community that will largely focus on exteriors. The company plans to add new signage throughout the community, install shutters on all windows and undertake a landscaping improvement designed to increase curb appeal. In addition, cosmetic upgrades including the addition of new sliding glass bathtub doors will be made to units as they become available.
Ivy Ridge will be run with the same operational philosophy as all the Solomon Organization properties. That means attention to detail, effective cost control and a hands-on executive management team made up primarily of the same staff that’s been part of the development since residents began taking occupancy earlier this year, Rosen says.
“We’ve been offering our brand of luxury housing at affordable prices to communities throughout Pennsylvania for nearly 20 years,” he adds. “Ivy Ridge offered us an exciting opportunity to be part of another neighborhood with a vibrant local economy, rich culture and a motivated workforce.”
The acquisition expands the Solomon Organization’s Pennsylvania portfolio, bringing its holdings in the Keystone State to more than 2,500 units.