Kislak Completes $27.3 million off-market sale of Inverness Apartments
Westville, NJ — The Kislak Company Inc. announced the $27.3 million off-market sale of Inverness Apartments in Westville. Senior vice president Matt Weilheimer and vice president Barry Waisbrod together represented the purchaser.
“The market for multifamily properties remains very strong throughout New Jersey and the region,” said Robert Holland, president. “Matt and Barry did an excellent job procuring the purchaser, who was eager to acquire such a large and well-performing property in suburban Philadelphia.”
The units are fully-equipped with modern kitchens, central air-conditioning, separate dining rooms, large closets, 24-hour emergency maintenance, and either balconies or patios. Select units also include fireplaces. Over sixty percent of the tenant HVAC units have been replaced over the past two years. Siding and windows were replaced in 1999.
“This is the third time Kislak sold the property since 1999,” said Weilheimer. “The asset appreciated over 250% during that time. Our clients look to us for guidance in evaluating investment opportunities. This is a classic example of owners applying strong management principles to generate increased value.” “We are seeing an influx of New York-based investors and purchasers in New Jersey that see the opportunities in the multifamily market,” said Waisbrod.
Weilheimer joined Kislak in 1996, is consistently among the company’s leading salespeople, and has won numerous sales production awards at the company including the 2010 Production Award. Waisbrod joined Kislak in 2001, is also consistently among the company’s leading salespeople and was the recipient of the company 2013 Sima Kislak Jelin Salesperson of the Year award.