OneWall Partners acquires portfolio of 996 rental units in Lehigh Valley, PA
LEHIGH VALLEY, PA —
One Wall Partners, an owner and manager of transit-oriented workforce housing, has acquired a portfolio of 996 rental apartments. The acquisition includes four properties in the Lehigh Valley in Pennsylvania.
The Lehigh Valley portfolio, which stands at 98 percent occupancy, features three large garden complexes and a rental townhome community in verdant, residential neighborhoods. Each property offers numerous amenities, including outdoor pools, fitness centers and clubhouses. The properties are located near abundant new development, a thriving medical community, an extensive network of colleges and universities, and a growing corporate community. Renters also have easy access to the LANTA mass transit system and multiple highways connecting them to Pennsylvania’s and New Jersey’s largest employment hubs.
“The Lehigh Valley portfolio provides enormous opportunity for renters seeking a central location with close proximity to employment, arts, and entertainment,” said Andy Wallace, CEO and Principal of One Wall Partners. “These assets perfectly complement our existing portfolio of transit-oriented workforce housing, and we lookl forward to increasing their value by enhancing services and amenities for residents.” One Wall Partners was represented in-house, while the seller was represented by CBRE, which also arranged financing for the transaction with Freddie Mac and MF1, a JV led by Berkshire Residential Investments and Limekiln Real Estate.
“We’ve aligned ourselves with strategic equity partners that support our value-add capex plan and recognize the upside in these markets,” said Nate Kline, CIO and principal of One Wall Partners.
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