DEAL OF THE DAY: 40 Percent Vacant Rental Community Sold for $100M

By Anuradha Kher, Online News EditorCherry Hill, N.J.–A joint venture of Hirschfeld Properties LLC of West Hartford, Conn., and Dubai Investment Group Real Estate, the property investment subsidiary of Dubai Investment Group owned by the ruler of Dubai, has acquired The Landmark Apartments in Cherry Hill, N.J., in a deal exceeding $100 million.The 544-unit Landmark Apartments is a failed condominium conversion and had been 40 percent vacant for more than a year. The community comprises two 18-story buildings and 21,647 sq. ft. of commercial space. It was constructed in 1969 and is located on 24 acres of land. “The property is attractive to our company because it gives us the opportunity to renovate it and increase the lease-up,” Jefferey Hirschfeld, president of Hirschfeld Properties LLC, tells MHN. “It is located on a highway but is quiet. There are woods all around, but 12,000 cars pass by here everyday. A 500-acre retail development is coming up within two miles of this property. Overall, it is a great area to invest in and it has a very high barrier to entry,” says Hirschfeld.The joint venture, DIG-HP, is immediately commencing a comprehensive renovation, re-positioning and re-branding strategy for the property with over $26 million of planned capital improvements.The buildings will be receiving new elevators, lobbies, corridors and HVAC units. In addition, the units will undergo extensive upgrades in the kitchens, bathrooms and balconies. A newly constructed clubhouse will include leasing and business offices and a fitness center for residents’ use. The property is also being renamed to The Grand Apartment Homes. “We look forward to restoring this storied property, once known as the premier residential community in the area,” says Hirschfeld. Hirschfeld Management Inc. will be the manager of this property.Anthony Juliano, head of Dubai Investment Group Real Estate, says, “The opportunity to acquire and implement a vigorous capital improvement and renovation program on a well-positioned but under-performing property was very attractive to Dubai.”