KUTZTOWN, Pennsylvania  –  Todd Silance of Silance Investments in Breinigsville and Scott Check Jr. of True North Properties in West Chester, and three other investors have purchased a mixed-use building that is used for student housing and that has commercial storefronts in Downtown Kutztown. They purchased the 26,000-plus square -foot property at 11 East Main Street for $1,550,000. Jeff Barber of Lehigh Financial Group LLC in Allentown arranged the financing for the group’s purchase and for the renovations that are planned. The acquisition closed at the end of February.

The building currently has 30 units and storefront shops. “We plan to upgrade the units and keep them as student housing,” Silance said. Work will begin at the end of the semester in May and be complete for students to occupy them by fall. Some exterior renovations are planned but the businesses there now will remain, Silance said.

The biggest change is the addition of a commercial laundry where there are now a few washers and dryers that students can use. The commercial self-service laundry will be open to the public, Silance said.

Silance and Check have partnered on other real estate properties in Kutztown and elsewhere in Pennsylvania and out of the area. They heard of this property’s availability through word of mouth and were attracted to the opportunity. “We liked the market. We liked the student housing in Kutztown, and we the liked the mixed-use storefronts that this building had,” Silance said. “It was an ideal property for us and making it a bit nicer was appealing.”

Silance said Barber made the deal “seamless and helped bring it to a close quickly. It was great working with him.”

The group of investors was represented by David Ribardo and Zori Croissette of Keller Williams Real Estate of Allentown.

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Information provided to TVL by Beth Orenstein on behalf of:
Lehigh Financial Group, LLC
122 North 5th Street
Allentown Pa 18102
http://www.lehighfinancialgroup.com/

 

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