The Kislak Co., Inc. sells multifamily properties in Greater Philadelphia for $6.35 million
Woodbridge, NJ — The Kislak Company, Inc. announced the recent sale of 123 residential units in three apartment complexes in Delaware County, Pennsylvania and Camden County, New Jersey for a total of $6.35 million. The Pennsylvania properties include Colwyn Apartments at 300 Main St. in Colwyn and The Ashby at 6830 Ludlow St. in Upper Darby that sold for $1,550,000 and $2,300,000, respectively. The New Jersey property is Foxcroft Apartments at 440 North Black Horse Pike in Blackwood that sold for $2.5 million.Kislak marketed Colwyn Apartments and The Ashby on behalf of the same seller with senior vice president Matt Weilheimer leading the assignment. Weilheimer also procured the purchaser, a longtime Kislak client. “The purchasers of the properties recognized the value-add potential with significant upside in rents,” said Mr. Weilheimer.With the sale of Foxcroft Apartments, Weilheimer teamed up with senior vice president Joseph Keenan on behalf of the seller and senior vice president Robert Squires in procuring the purchaser. “This property also was a value-add opportunity and the transaction involved a seller and purchaser who are longtime Kislak clients and who, over the course of the transaction, witnessed dramatic pricing increases in southern New Jersey.”The properties consists of two garden-style apartment buildings containing 34 residential units at Colwyn Apartments; 48 one- and two-bedroom units in a four-story building at The Ashby; and 40 one-bedroom apartments in two, two-story garden-style buildings at Foxcroft Apartments.The properties offer convenient access to both Philadelphia International Airport and the city of Philadelphia in under a half hour via SEPTA Regional Rail and Bus.