Vineland, NJ — The Kislak Company, Inc. announced the recent sale of Spring Gardens Apartments, a 130-unit garden apartment complex at 771 South East Ave. in Vineland, Cumberland County, for $18,350,000.
Kislak marketed the property on an exclusive basis with executive vice president Joni Sweetwood handling the assignment on behalf of the seller, a longtime client to whom she previously sold other properties in Vineland and elsewhere. Sweetwood also procured the purchaser. The parties were not disclosed.
“This is a well maintained and well performing property with a strong history in a desirable location,” said Sweetwood. “Once we brought it to market, we immediately procured offers from several interested investors and ultimately sold the property for above the asking price further demonstrating the continued demand for multifamily properties in New Jersey.”
Spring Gardens Apartments is a two-story garden apartment complex with 130 units constructed in 1974. It includes 16 buildings with 64 one-bedroom units and 66 two-bedroom units situated on 13.38 acres. The property offers galley style kitchens, high ceilings, oversized bedrooms, balconies/patios, large walk-in closets, updated kitchens and bathrooms in select units and washer/dryer hookups.
The property is conveniently located in suburban Vineland, a city of 61,000 people, approximately 45 minutes from Philadelphia, Atlantic City and other southern New Jersey Shore points.
Joni Sweetwood joined Kislak in 1996 and is one of the firm’s all-time leading salespeople. She has won numerous awards, including the Sima Kislak Jelin Salesperson of the Year award in 2010 and the company’s production award in 2010, 2011, 2012 2013, and 2018. She has also been recognized repeatedly as one of New Jersey’s Commercial Broker All Stars and the Mid Atlantic Real Estate Journal’s Executive Women in Business. Her career investment sales total more than $1.3 billion.