High sells Lebanon apartment complex for $5.9M
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."