Berkadia Negotiates Multifamily Property Sale in Central Pennsylvania
Philadelphia, Pennsylvania – October 15, 2025 – Berkadia, a distinguished leader in the commercial real estate sector, announced today the sale of The Overlook, a 288-unit, luxury apartment community located just outside of Harrisburg in Camp Hill, Pennsylvania. Senior Managing Directors Zac Pierce and Matt Stefanski and Director Maura Spellman of Berkadia Philadelphia led the transaction on behalf of the seller.
The Overlook sold to Pennsylvania-based The Apartment Gallery—currently operating nearly 6,200 units throughout the Mid-Atlantic region—at a 5.62% cap rate on October 9. The property was 97.6% occupied at the time of the sale.
“The seller has maintained the asset excellently over the years,” said Pierce. “This acquisition is a fantastic addition to The Apartment Gallery’s portfolio, considering their strong presence and track record in the market, as well as the recent growth in Central Pennsylvania.”
“The Overlook purchase marks a strategic milestone for us at The Apartment Gallery, and we continue to actively pursue similar opportunities while strengthening our partnerships across the region,” said Mike Maxwell, Director of Investments at The Apartment Gallery. “This is a landmark acquisition and one of the true institutional-quality opportunities in a market that is rapidly becoming one of the most sought-after in the state. We thoroughly enjoyed working with the Berkadia team, with whom we’ve built a long-standing relationship. From start to finish, the transaction was executed as smoothly as we could have hoped. We’d also like to thank the sellers for their outstanding communication and collaboration throughout the process. We look forward to working with them again in the future.” Said Vince Sibol, President at The Apartment Gallery
Located at 150 Erford Rd, the property is less than five minutes from the state capital in downtown Harrisburg, which boasts a total daytime employment just under 85,000. The Overlook affords convenient access to the west bank of the Susquehanna River in Camp Hill and offers residents unparalleled access to major employers, urban lifestyle amenities, and outdoor adventures. Major employers within a 1-mile radius of the property include Highmark Blue Shield, Penn State Health Holy Spirit Medical Center, and Gannett Fleming Corporate Headquarters.
The Overlook was built in 2012 and features a unit mix of one-bedroom and two-bedroom units across 6 buildings. Community amenities include a fitness center, yoga studio, resort style saltwater swimming pool, business center, dog park, outdoor picnic & grilling station, and clubhouse among others.