Marcus & Millichap sells 392 unit multifamily property in Camden totaling $34.45 million
CAMDEN, NJ — Marcus & Millichap announced the sale of the Crestbury Apartments, a 392-unit multifamily property located in Camden. The asset sold for $34.45 million, just under $88,000 per unit. Andrew Townsend, Ridge MacLaren, and Clarke Talone, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, Brick-based Tryko Partners. The asset was purchased free and clear of debt by an affiliate of Lincoln Avenue Capital LLC from New York City, owner and developer of low-income housing properties nationwide. “The property was part of the RAD (Rental Assistance Demonstration) program and received a new 20-year subsidy contract,” said Townsend. “The seller recently upgraded the flooring, windows, roofs, and boilers throughout the property, which made the asset attractive and a great long-term investment.” After purchasing Crestbury Apartments in 2013, Tryko Partners invested $3.6 million in capital improvements. This included the incorporation of an innovative, high-tech security initiative in conjunction with the Camden Police Department; a playground; updated lighting, landscaping and sidewalks. “We are seeing a tremendous amount of interest in well-maintained, workforce housing both market-rate and affordable in South Jersey due to solid economic drivers and its proximity to Philadelphia,” added MacLaren. The apartments are a mixture of one- and two-bedroom units. The Crestbury is situated on over 18 acres at 2552 South 8th St.. The property is minutes from the Walt Whitman and Ben Franklin bridges, Cooper Hospital, the Campbell’s Soup headquarters, and the Camden Waterfront. J.D. Parker, senior vice president and division manager, is Marcus & Millichap’s broker of record in New Jersey. Marcus & Millichap announced the sale of a 20,000 s/f office building located in Palisades Park, NJ. The asset, located at 111 Grand Avenue sold for $3 million. Fahri Ozturk and Tyler Van Wagoner, investment sales specialists in Marcus & Millichap’s New Jersey office, had the listing to market the property on behalf of the seller. The building was partially occupied by the owner who vacated at the time of sale and delivered the property at approximately 33% occupancy. n “Through Marcus & Millichap’s national exposure, we were able to align a qualified investor who intends to lease the building to its full potential. Prior to the closing, we also assisted the seller and the buyer to sign a lease with a credit tenant that occupied the entire first floor. The demand for quality office space in Northern NJ with convenient accessibility remains incredibly strong”, Fahri Ozturk reflected on the transaction. 111 Grand Avenue in Palisades Park, NJ comprises 20,000 square feet featuring 14 separate suites that range from 186 square feet to 6,000 square feet. The Class-B office is segregated to accommodate an array of different size tenants and possess contemporary finishes throughout. There are 46 parking spaces, 29 covered, providing plenty of on-site parking for the tenants. The property is ideally located 3 miles from the George Washington Bridge and 7.5 miles from the Lincoln Tunnel for immediate access into New York City. This deal marks The Ozturk Group’s 31st transaction totaling over $75 million since 2015.