YORK, PA — Landmark Commercial Realty announced the successful settlement of Courthouse Commons, an 18-unit apartment complex located in Downtown York. Mike Rohm, MAI, CCIM, and Kevin Agnew, both of Landmark, represented the seller and procured the buyer. Mike and Kevin ensured the property received maximum exposure through a comprehensive marketing campaign. This campaign resulted in over 70,000 unique views across various commercial platforms, including nearly 3,000 views from their property list of regional investors.
The property sold for $3.7 million, achieving a record-breaking price of $205,000 per unit. According to a market survey, this is the highest sale price per unit for an apartment complex in Downtown York. According to Homes.com, the average sale price for homes in Downtown York over the past 12 months was $169,033, highlighting the significant premium achieved in this transaction.
Mike Rohm, CCIM, MAI, said on the transaction, stating, “The transaction highlights sustained investor demand for class A product at premium prices despite the elevated interest rate environment. Discount to replacement cost and supply constraints in urban areas have contributed to compressed capitalization rates as investors anticipate continued rent growth for existing inventory.” He further added, “The transaction also underscores the demand for new construction, as rising utility, insurance, and maintenance costs outpace rent growth in many of the B and C properties we serve.”
The success of this transaction can be attributed to several key factors. Accurate pricing strategies ensured that the property was listed at a competitive price, maximizing the seller’s return while attracting serious buyers. Detailed market analyses provided a strong foundation for negotiations, helping to secure the best possible terms for both parties.
Additionally, a deep understanding of local market trends and property values allowed for the identification of the right buyer for Courthouse Commons. By providing an appraisal-level review before the buyer committed to the property, transparency was ensured, and the risk of valuation-related issues was minimized. This approach led to a smoother and more efficient sale process, ultimately resulting in a successful transaction.
The sale of Courthouse Commons also has a positive impact on the community. The property, which features modern amenities and a prime location, helps to address the housing needs in Downtown York. With its proximity to local attractions such as the Appell Center for the Performing Arts and Central Market, Courthouse Commons enhances the vibrancy and appeal of the downtown area.
The successful transaction not only sets a new price benchmark but also contributes to the ongoing revitalization and growth of the community.