York Hills and Cloister Gardens_Property for Sale

Various locations

York Hills and Cloister Gardens

Portfolio description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire York Hills and Cloister Gardens (the “Properties”), two, suburban, value-add multi-housing opportunities totaling 298 units in York (York County) and Ephrata (Lancaster County), Pennsylvania. Built in 1972 and 1965, both assets present the opportunity to implement a streamlined renovation program across the entire unit mix and capitalize on rental premiums upwards of $400 and $500 for one and two-bedroom units, respectively. The assets are being offered individually and as a portfolio.

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Attributes

Number of units

298 units

York Hills and Cloister Gardens (2 Properties)

Media

Investment Highlights

Compelling Value-Add Opportunity

New ownership is provided the opportunity to implement a streamlined renovation program across all 298 units and capitalize on rental premiums upwards of $400 and $500 on one- and two-bedroom units, respectively.

Strong Submarket Fundamentals

The York County submarket achieved impressive average annual rent growth of 3.9% throughout 2023 and is expected to reach 4.9% by year-end 2024.
The Ephrata/Brownstown/Leola submarket is expected to achieve 5.1% rent growth by 2024 Q4, and is complemented by strong renter demand, evidenced by its 1.7% vacancy factor.

Dynamic Suburban Locations

York Hills provides convenient accessibility to downtown York and the surrounding employment centers via Route 83 and is strategically positioned adjacent to Queensgate Towne Center – a grocery-anchored shopping center that features one of the top Weis Markets locations nationwide in terms of customer visits.
Ephrata is located in the highly acclaimed Lancaster County. Lancaster, the county seat, was recently ranked as the Best Place to Retire in the U.S. in 2022-23 by U.S. News & World Report.