Cassidon Real Estate Closes $5.9 Million
Allentown Apartment Complex Deal
ALLENTOWN, PA (February 3, 2015) – Cassidon Realty Corp. Bethlehem has closed a $5.9 million purchase of the Washington Crossings Apartments, Allentown, to a private investor group from the New York City region.
The announcement was made by John Gross, Broker/President of Cassidon Realty Group, Bethlehem.
Washington Crossings is a 108 unit Garden Apartment property, built in 1988 in a neighborhood setting, at 509 to 615 East Mosser Street, East Allentown.
“Out of state investors are confident in what is happening in Allentown and the Lehigh Valley overall,” said Gross. He also notes that the rise of employment in the city of Allentown due to projects like PPL Center, that has hired many local residents, is helping the local rental and real estate market overall.
Weston Zelenz, Associate Broker, Cassidon Realty Group, the agent who closed the deal, said the investors will be making additional upgrades to the 108 unit property originally constructed in 1988.
“Upgrades have been made over the years and the property is in very great shape,” says Zelenz. He adds that many new upgrades are being planned by the new investors. Studio apartments rent for about $600, and one bedroom units rent for up to $775, per month, excluding utilities.
Jack Gross may be reached at 610-882-3135/ Weston Zelenz may be reached at 215-536-8758. The new management team for Washington Crossings Apartments may be reached at 484-294-3731.
Cassidon Realty Corp., was founded in 2005 as is located at 1420 Easton Avenue, Bethlehem, PA. The realty corp. has grown to two offices, adding the Whitehall office in 2007. Today, the company employs 45 real estate agents, specializing in the areas of residential listings and sales, commercial sales and leasing and property development. For more information about Cassidon Realty Corp., visit http://www.cassidonrealty.com.
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