ReVi Harrisburg 148 Sheraton Dr 194 Unit Apartment Building $31,126,274 CAD ($160,445 CAD/Unit) 6.25% Cap Rate New Cumberland, PA 17070

Newmark, as exclusive agent, is pleased to present ReVi Harrisburg (“ReVi” or the “Property”), a recently redeveloped, 194-unit rental community with a 10,000+ SF restaurant space and 6,500 SF of event space in New Cumberland, PA. The Property’s strategic and high visibility location off the PA Turnpike at Interchange 83 in York County, which sees an average of ±70,000 vehicles per day, provides easy access to all major employment hubs, demand drivers and recreational amenities in the region.
Situated on 8.37 acres, ReVi Harrisburg is a former hotel property that was completely renovated and redeveloped by the current Owner into apartment units in 2023-2024. The Property features 194 units as well as a full amenity package including an indoor pool, fitness center, business center, media room, resident lounge and outdoor courtyard. In addition, the offering includes a vacant restaurant with a full commercial kitchen, bar and liquor license, ready for a new operator. The Property also offers two banquet/conference spaces that have already been well received in the market and will prove to be a lucrative revenue stream.
ReVi Harrisburg is comprised almost entirely of studio units (97% of the Property), and five one bedroom units, with an average unit size of 294 SF. Its rents, which average $910 per month, along with its extensive lifestyle amenity offering, present a high quality but attainable housing option for renters in the market. The Property, which is currently 95% occupied, was delivered in two phases between the end of 2023 and 2024, with the first phase stabilizing after just four months. With its rapid lease up and consistent occupancy of 95%+ since opening, ReVi Harrisburg has established itself as a community of choice among area renters.
In addition, given the unit mix, ample amenity space, banquet/event spaces, and restaurant space with full commercial kitchen, there is optionality in the future for a business plan that could include an alternative use such as a personal care facility (senior, assisted living, memory care), affordable housing, or some other use.
ReVi Harrisburg represents a unique and compelling investment opportunity for investors who are looking for a stable income stream with multiple paths to additional revenue, as well as potential for a variety of exit strategies in the future.