A New Jersey firm continues to build its Lehigh Valley apartment portfolio with the purchase of a Bethlehem residential property.
Larken Associates, based in Hillsborough, N.J., acquired West End Village, a 62-unit apartment community at 1208 W. Lehigh St. in Bethlehem for $5.1 million, according to Lehigh County assessment records.
“Bethlehem has proven to be a magnet for residents looking to take advantage of the school system, dining and entertainment, and universities that are all nearby,” said David Gardner, president and chief operating officer of Larken Associates. “We like the location, it’s near the historic area.”
West End Village is located near Lehigh University, Moravian College and St. Luke’s Hospital and Bethlehem’s historic downtown.
The property consists of 62 units of one- and two-bedroom apartments next to West Side Park, which has a swimming pool, tennis court, basketball court, racquetball wall and a playground. Rents range from $730 to $930 per month and include water and trash pick-up, as well as use of the on-site laundry facilities.
“We are going to do improvements to the new signage, we are going to be adding new landscaping, repairs to the parking lots, upgrades to the lighting,” Gardner said. “Over time, we will do improvements to the common areas and laundry facilities.”