A group of local real estate investors have acquired a pair of mixed-use apartment buildings in the Allentown area from a Clarence property manager and broker, paying $3.25 million last month for more than 30 units.
Nicholas B. Tzetzo's Tzetzo MFR Holdings LLC, along with David P. Paul, Laurence J. Paul and an entity controlled by Wayne Keller, teamed up to pay $1.625 million each for 197 Allen St. and 430 Delaware Ave.
Each building contains apartments and first-floor retail space. They were sold by Pillar Real Estate Advisors LLC's Michael R. Lorigo, through entities named Triple Star Development LLC and Triple Star 430 LLC.
The four-story building at 197 Allen, at the corner of Elmwood Avenue, features 10 two- and three-bedroom apartments on the upper three floors, renting from $1,100 to $1,250 per month. The 20,680-square-foot structure, which was built in 1910, last sold in June 2015 for $1.225 million.
A three-story building at 430 Delaware Ave. contains 22 residential units and two commercial spaces, including 10 studio apartments renting for $500 per month and 12 one-bedroom apartments averaging $650. The 14,000-square-foot building was constructed in 1896, and last sold in March 2016 for $1.495 million.