Larken Associates adds 108 units to Lehigh Valley apartment portfolio

Bethlehem, PA Larken Associates acquired Sherwood Apartments, a 108-unit multifamily community at 1520 Irene St., increasing its residential presence in the Lehigh Valley to more than 600 units. The developer has an aggressive redevelopment plan for the property that includes rebranding it to River Run Apartments, and opening an on-site leasing office as well as providing on-site 24-hour maintenance support. Physical improvements include installing entrances with security locks and new roofs, repaving and lining the parking lot, replacing the sidewalks and upgrading the landscaping. New flooring and lighting will be installed, paint will be refreshed in all hallways and units as they become available and all in-unit appliances will be upgraded in newly renovated units. New common laundry facilities will be built in each of the six buildings, and all heating and air conditioning will be upgraded. River Run Apartments consists of one- and two-bedroom apartments with rents between $776 and $971 per month including water, sewer, gas, basic cable and trash pick-up, as well as use of the on-site laundry facilities. “Bethlehem has experienced a renaissance over the past decade that keeps attracting people to the area,” said David Gardner, President and CEO of Larken Associates. “By distinguishing ourselves from our competition, both with a new name and upgrades to the complex, we know we can provide a product that those looking to live in this area can be proud to call home.” River Run Apartments is located close to Lehigh University and Moravian College.  It is also nearby to Bethlehem’s Historic Downtown offering cultural, shopping and dining options including the Sands Casino, Pocono Mountains and Crossings Premium Outlets. It is also situated near Lehigh Valley International Airport and St. Luke’s Hospital, and located along the Route 78/22 Corridor with easy access to Routes 33 and 91 for those commuting to Allentown, Philadelphia or New York City.