(Miami, FL.) — June 7, 2018 – Pensam Residential, a national multi-housing owner and operator, announced that it closed today on a preferred equity investment to facilitate the acquisition of a 626-unit multifamily apartment community located in Harrisburg, Pennsylvania.
Pensam’s investment was structured behind Freddie Mac senior debt financing. The sponsor is an experienced full-service real estate investment firm that manages and owns residential properties across the northeastern United States.
“This investment in a stable and well-maintained property with an experienced and reputable repeat Pensam sponsor presented a strong opportunity to continue expanding Pensam’s portfolio in the Northeast entering a new market, Harrisburg,” said Michael Stein, Founding Partner of Pensam Capital.
Constructed between 1968 and 1969, the property features a combination of studio-, one-, two and three-bedroom units that average 818 square feet. The property recently benefited from over $3,000,000 of capital improvements, primarily focused on unit interior upgrades. The property offers two tiers of unit interior packages, providing attractive and affordable options to a diverse tenant market.
The property is located in the Harrisburg MSA, the third largest in Pennsylvania with an estimated population of over 571,000. Harrisburg serves as the capitol of Pennsylvania and is the county seat of Dauphin County. The MSA thrives from a stable economic employment base comprised primarily in the state and federal government, and healthcare.
The property is conveniently located within close proximity to Interstate 83, which links Harrisburg to York and Baltimore to the south, and 1.2 miles from Interstate 81 a major U.S. interstate that runs from New York to Tennessee. These major thoroughfares offer residents convenient access to nearby education, employment, and cultural amenities throughout the Harrisburg MSA. The property is adjacent to Colonial Park Mall and is within close proximity to the area’s key retail centers such as Paxton Towne Center and Colonial Commons.
About Pensam Residential
Headquartered in Miami, Pensam Residential is a multi-housing owner and operator which manages a growing portfolio of properties across the United States. Pensam encompasses all aspects of real estate property ownership and investment, including acquisition, financing, construction, repositioning, and management. Pensam has invested in nearly 33,000 units across more than 110 properties. For more information visit www.pensamresidential.com