A broker with a Lancaster firm sold a newly upgraded 18-unit high-end apartment complex in Bethlehem for $2.5 million, highlighting the growing demand for luxury residential units in the city.
Matthew Wolf, broker for High Associates Ltd. of Lancaster, represented the buyer and the seller in the deal. AKCE Properties LLC, a New York City firm, bought the property from CDC Developers Inc. of Bethlehem, he said.
The fully occupied building is at 523 Second Ave. and includes recently updated amenities such as hardwood floors, granite countertops, stainless steel appliances and a fitness center in the basement, Wolf said. The site is ideal for young professionals, he added.
Rents range from $1,200 to $1,300 per month for two-bedroom units.
“There is a high demand for high-end apartments in Bethlehem,” Wolf said. “These units are close to downtown and have off-street parking, so it makes them very attractive.”
Recently proposed high-end apartment projects within the City Revitalization and Improvement District in South Side Bethlehem show that there is a strong demand for luxury units, according to Alicia Karner, director of community and economic development for the city.
As an example, the Greenway Commons project on Third Avenue across from SteelStacks, which should start construction in the spring, includes a plan for more than 100 units.
“So what we see is this resurgence of urban apartment space,” Karner said. “We are hearing this from communities [within Pennsylvania,] that there is a desire for urban living.”
