NJ investors pay $23.5M for Swatara Township townhomes
A nearly completed townhome community in Swatara Township has been sold for $23.5 million.
The Kislak Co. Inc., a New Jersey-based commercial real estate brokerage, said it facilitated the sale of Sunpointe Townhomes, a 160-unit complex at 7466 Stephen Drive.
Statewide Management of Stewartstown, a builder of apartments and townhomes in Central Pennsylvania, sold the property to a New Jersey-based private investment group.
The investment group is paying $22 million for 21 of the 25 completed buildings, and will pay the remaining $1.5 million once the final four buildings are completed, which is imminent, according to Kislak.
Kislak is exclusively marketing the property, which includes a mix of two- and three-story townhomes, as well as a leasing center, clubhouse and fitness center. The units are at least 1,327 square feet each and many feature garages.
Kislak president Robert Holland represented the seller; senior vice president Barry Waisbrod represented the buyer.
"Sunpointe Townhomes is an excellent investment for the purchasers as the property is located midway between Hershey and Harrisburg, capturing and serving tenants from both markets," Holland said.
Construction began on the complex in 2010. At the time of the sale, the completed buildings were 95 percent occupied.
The same seller sold Hawthorne Gardens in Lancaster Township in April for $17.2 million.