Residential, commercial properties part of $50M Harrisburg real estate sale

Michael Yoder//August 21, 2019//

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The Kislak Co. Inc., a New Jersey-based commercial real estate brokerage firm, recently facilitated the $50 million off-market sale of a multi-family portfolio in Harrisburg, one of the largest sales in the region this year.

The sale featured 825 residential units along with eight commercial spaces and four cell phone towers in the city, including:

River Plaza with 269 units and two commercial spaces at 2311 N. Front St.
Riverfront Park with 216 units at 2600 Green St.
Bellevue Towers with 118 units and six commercial spaces at 2400 Market St.
Magnolia Gardens with 114 units at 210 Hale Ave.
and Magnolia Hills with 108 units at 35 Thomas St.

King Street Commons bought the portfolio from The Loketch Group led by principals Moishe and Pinny Loketch. Kislak President Robert Holland and Vice President Matt Wolf handled the sale.

During Holland’s 35-year tenure with Kislak, he previously arranged the sale of four of the properties once and three of the properties twice before orchestrating the most recent portfolio sale. The portfolio was previously assembled for about $15 million, and the $50 million sale marks the largest multi-family sale in Harrisburg this year according to commercial database CoStar.

“The portfolio is a value-add opportunity,” Holland said. “King Street has the ability to increase rents following the completion of property upgrades. The Loketch Group is a longtime Kislak client and will complete a like-kind exchange with the proceeds of the sale primarily with development opportunities in Brooklyn, which is where they are based.”

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