Warner Sells Two Multi-Family Senior Apartment Buildings for USDA for $1.155 Million
Warner Real Estate & Auction Company recently SOLD (2) Multi-Family Senior Apartment Buildings in Pennsylvania at Auction for the USDA.
Warner Real Estate & Auction Company, a leading New Jersey real estate and auction marketing firm recently sold (2) multi-family senior apartment buildings through an Online Auction with bidding ending June 5, 2019.
Salisbury Manor, a 32-unit senior apartment building, located at 70 Grant Street, Salisbury, PA sold for $550,000 and Berlin Manor, a 34-unit senior apartment building, located at 100 Berlin Manor, Berlin, PA sold for $605,000. The buyer purchased the properties as long-term investments to add to his extensive portfolio and plans to manage both buildings himself.
Rich Warner, president and founder of Warner Real Estate & Auction Company has successfully sold real estate throughout NJ and PA for the U.S. Department of Agriculture (USDA) since 2014. According to Warner, “both properties were sold out of a program with no deed restrictions which creates a golden opportunity for buyers to create significant value through charging market rents thereby increasing the NOI (Net Operating Income). It was quite an exciting auction with 8 participating bidders from five different states (PA, NJ, NY, FL & MD) with 218 total bids for a record setting $1.155 Million Dollars.”