Naomi Brown, CCIM was pleased to represent the sale of East York Apartments, a new luxury 32-unit apartment complex in East York, Pennsylvania.
Owner and developer Roy Magac, a veteran Central PA real estate investor, developed the complex on a parcel of land he purchased during the last major real estate market correction, and began construction during the pandemic. “It was a most challenging time,” Mr. Magac said.
We made it through a time many didn’t, and I am very grateful and proud of the project.”
Roy Magac, Owner and Developer
“I’ve invested in all types of real estate over the years, from flipping land in New Mexico to renovating beachfront homes in Florida, and this was definitely the most difficult project. My team and I fought through an economic crash, a supply chain crisis, and of course, the COVID-19 pandemic. But we made it through a time many did not, and I am very grateful and proud of the project.” he went on to say.
Mr. Magac’s development delivered 32 new homes to the community, increasing the tax base, and employing over 100 individuals throughout the phases of the development. Once completed, the new units were very well received by the residents, with an appreciation for the private entrances, high ceilings, and spacious open layouts with modern finishes. The project was quickly leased at 100% occupancy by Sherman Property Management.
This was the last of Mr. Magac’s real estate portfolio in Pennsylvania. Magac is retiring to Florida, where he has been a part-time resident for over 25 years.
The buyer, a local physician whose office is nearby, admired Mr. Magac’s attractive, low-maintenance units as they were being built. When Naomi Brown presented the East York Apartments, this presented the buyer’s immediate need for an exchange property while providing an attractive return coupled with maintenance. The buyer successfully completed a 1031 exchange, a loan assumption, and settlement all on August 31, 2023.
