Affordable housing complex in Swatara Township sold for $6.9M

Eastridge Apartments in Swatara Township was recently sold for $6.9 million. - (Photo / Submitted)

A Washington-based investment company has bought Eastridge Apartments, an affordable housing complex in Swatara Township, for $6.9 million.

Commercial real estate investment services firm Marcus & Millichap announced the sale. Ridge MacLaren, Andrew Townsend and Clarke Talone, investment specialists in the firm’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller.

Eastridge, which sits on seven acres along Worcester Avenue, has 108 apartments. It was owned by a Montgomery County-based limited partnership tied to Altman Management Co. principal Brett Altman, according to Dauphin County deed records.

The buyer is a limited liability company connected to Viking Companies in Washington, property records show.

Agents received more than 10 offers for the complex. A family housing assistance payments contract covers 98 percent of its units until 2024. Those units are a mix of one-, two- and three-bedroom apartments.

The seller renovated Eastridge in 2003 under the federal Low-Income Housing Tax Credit program and received weatherization grants from the Pennsylvania Housing Finance Agency in 2013. The latter work included new insulation, refrigerators, lighting, thermostats and other improvements.

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.

CPBJ Business Events

2019 Harrisburg Wine Festival

Friday, May 03, 2019
2019 Harrisburg Wine Festival

2019 Healthcare Symposium

Friday, May 10, 2019
2019 Healthcare Symposium

2019 Women of Influence

Monday, June 24, 2019
2019 Women of Influence

2019 Real Estate & Development Symposium

Wednesday, August 07, 2019
2019 Real Estate & Development Symposium