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McSherrystown apartment complex sells for $7 million
Paula Wolf//January 12, 2022
West Park Apartments, a 69-unit complex at 65 North St., McSherrystown, Adams County, has sold for $7 million, according to Sean Beuche, regional manager of Marcus & Millichap’s King of Prussia office.
Clarke Talone, Andrew Townsend, Daniel Bernard and Ridge MacLaren, investment specialists in the King of Prussia office, along with Christopher Chadwick and Martin Mooradian from the Washington, D.C., office, listed the property on behalf of the seller, a limited liability company.
They also secured the buyer, a regional limited liability company. Beuche, Marcus & Millichap’s broker of record in Pennsylvania, helped close the transaction.
“Central Pennsylvania apartment market fundamentals remain extremely strong,” Talone said in a release. “West Park Apartments generated a tremendous amount of investor interest due to its large townhome-style units and value-add opportunity. The buyer was drawn to the property due to the significant upside in rents. They executed a smooth transaction and were able to close in less than two months from contract execution.”
Built in 1974, West Park Apartments includes 12 buildings, with updated roofs and flooring, on approximately 5.5 acres. There are 68 two-bedroom, one-bath townhome rentals and a single one-bedroom, one-bath unit.
According to the release, the property was “delivered free and clear of debt, allowing the buyer to capitalize on the strong financing market.
