WOODBRIDGE, NJ — The Kislak Company, Inc. announced the recent sale of three properties in southern New Jersey with a total of 313 residential units and 50,400 s/f of retail space for $23.05 million.
The separate transactions include the $12.15 million off-market sale of Laura’s Glen Apartments, a 197-unit apartment complex in Pennsville, Salem County; the $6.75 million sale of Penn Garden Apartments, a 116-unit apartment complex in Pennsauken, Camden County; and the $4.15 million sale of Manahawkin Center, a 50,400 s/f ACME-anchored shopping center in Manahawkin, Ocean County.
Senior vice president Matt Weilheimer represented the seller in all three transactions and the purchaser in the Manahawkin transaction. Senior vice president Barry Waisbrod represented the purchaser of Laura’s Glen Apartments and vice president Jonathan Greenberg represented the purchaser of Penn Garden Apartments.
The sale of Laura’s Glen Apartments is the single largest sale of a multifamily property ever in Salem County based on data available from CoStar.
The property is a brick garden apartment complex with 10 two-story buildings situated on nearly 18 acres. It is located 16 miles from Wilmington and 38 miles from Philadelphia. Complex amenities include laundry facilities, on-site parking, a swimming pool, basketball court and playground. The spacious apartments include central air conditioning, private balconies or patios and fully-equipped kitchens. Tenants are responsible for their own utilities.
David Singer of Eastern Union Funding provided financing through Freddie Mac for the transaction.
“Laura’s Glen Apartments was a perfect addition to the purchaser’s portfolio,” said Weilheimer. “The demand for multifamily properties in southern New Jersey has never been greater.”
“The buyer believes strongly in the south Jersey market and has seen tremendous opportunity and upside in Laura’s Glen,” added Waisbrod.
Penn Garden Apartments is a two-story, all brick, garden-style apartment complex with 116 units in 11 buildings. Property features include semi-private entrances, on-site parking, and on-site laundry. Units have spacious closets, modern appliances, individually controlled air conditioning and wall-to-wall carpeting.
The property is located 15 minutes from center city Philadelphia via the Betsy Ross Bridge. Nearby transportation includes major roadways 1-95, I-295 and Route 130 and the River Line Light Rail System provided by NJ Transit.
“Penn Gardens is the quintessential ‘value-add’ play that buyers are looking for in this market,” said Weilheimer.
Manahawkin Center is a 50,400 s/f community shopping center anchored by an ACME Supermarket and a Rite Aid Pharmacy. Other tenants include Peking Gardens, Big Apple Bakery, EZ Nails and Ares Athletic Club. The property is well-located on East Bay Ave., five miles from resort communities on Long Beach Island.