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High sells Lebanon apartment complex for $5.9M

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Lebanon Court Apartments
Lebanon Court Apartments - (Photo / )

A Lebanon County apartment complex has changed hands for the second time in a year.

The Kislak Co. Inc., a New Jersey-based commercial real estate brokerage, said Friday that it facilitated the sale of the complex, the Lebanon Court Apartments, an 87-unit apartment property at 1102 Jackson Blvd. in Lebanon.

A New Jersey-based investor, YMZ LLC, purchased the complex from Lancaster County-based High Associates for nearly $5.9 million. High acquired the property in July 2017 as part of a four-complex deal with Philadelphia-based investment firm Equus Capital Partners.

Built in 1964, Lebanon Court consists of eight three-story brick buildings with a mix of one-, two- and three-bedroom apartments. The buyer is planning to upgrade the kitchens and bathrooms.

The complex is less than a mile away from Routes 72 and 422 and about 16 miles from the Hershey attractions.

Matthew Wolf, a Kislak vice president and former sales agent for High, brokered the deal.

"Lebanon Court offered a great opportunity for an out-of-state buyer to purchase a value-add property for his portfolio," Wolf said. "We are continuing to see an influx of New York and New Jersey buyers purchasing multifamily assets in Central Pennsylvania."

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Jason Scott

Jason Scott

Jason Scott covers state government, real estate and construction, media and marketing, and Dauphin and Cumberland counties. Have a tip or question for him? Email him at jscott@cpbj.com. Follow him on Twitter, @JScottJournal.

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Debra Morgan August 27, 2018 12:22 am

Oh that's great! A friend of mine had eyes on the same apartment. There is something special about this complex that attracts people. Still haven't figured it out. Hoping it not be shared again. Hotel in Kottayam

hendry August 21, 2018 6:42 am

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