LOCAL

Kislak sells Coldbrook Meadows Apartments in Chambersburg for nearly $5 million

Staff Report

Chambersburg Public Opinion

The Kislak Company, Inc., announced the recent sale of Coldbrook Meadows Apartments, a multifamily property with 62 units at 740-780 Cumberland Avenue in Chambersburg for $4,980,000, according to a press release from the company.

New Jersey-based Kislak marketed the property on behalf of the seller with vice president Matt Wolf handling the assignment. Wolf also procured the purchaser.

The Kislak Company, Inc. announced the recent sale of Coldbrook Meadows Apartments, a multifamily property with 62 units located at 740-780 Cumberland Avenue in Chambersburg for $4,980,000.

“The purchaser is excited to add to his existing portfolio and is looking forward to completing renovations including upgrades to the kitchens and bathrooms," Wolf said.

The sale marked Kislak’s second recent multifamily sale in Chambersburg.

Built in 1970, with approximately 79,000 square feet of building space, the complex consists of three three-story brick buildings with garden-style apartments.

Matt Wolf joined Kislak in 2017, following over a decade in the commercial real estate industry focused on multifamily and other investment sales transactions in central and eastern Pennsylvania. He is a Certified Commercial Investment Member and also holds a Pennsylvania broker’s license.

Occupancy at the time of the sale was 100%.

The overall rental rate in Chambersburg climbed by almost 14% in 2019, according to Kislak.

Matt Wolf joined Kislak in 2017, following over a decade in the commercial real estate industry focused on multifamily and other investment sales transactions in central and eastern Pennsylvania.