Fulton Realty Capital advised high-net-worth co-investors on the acquisition of two neighboring multifamily high-rise towers in the Erie, Pennsylvania MSA. The separate transactions were sourced and managed by Fulton's multifamily team. Its advisors also secured GSE financing.
With over 132,000 gross rentable square feet, the two properties have 245 apartment units which all participate in the Section 8 Project Based Voucher (PBV) program. Over $2MM of capital improvements are planned for the portfolio, including elevator modernizations, roof replacements, common area upgrades, and unit improvements.
By combining the management and operations of both properties, Fulton’s team expects to realize significant expense efficiencies. Rent growth to market rates is also anticipated within the first three years of the clients' investment.