Odin Properties Trades Philadelphia-Area Community for $32M
The company picked up the asset for less than half the price back in 2014 and carried out extensive renovation and repositioning work.
Woodland Village Apartments in Lindenwold, N.J.
Odin Properties has sold Woodland Villages Apartments, a 30-building, 546-unit community in suburban Philadelphia for $32.1 million. The firm acquired the property—then known as Coachman Manor—in May 2014 for $15.9 million from The Goldstone Group, according to Yardi Matrix. Gebroe-Hammer Associates brokered the multifamily transaction.
Located at 401 E. Gibbsboro Road in Lindenwold, N.J., the community sits half a mile from U.S. Highway 30, enabling direct access to Interstate 295 and Philadelphia. The nearby White Horse Pike retail corridor offers a number of shopping and dining options, and the nearest shopping mall—Voorhees Town Center—is a short drive away.
Extensive renovations
After closing the acquisition, the firm initiated a capital improvement project to reposition the asset in an effort to move it away from a previously negative reputation. Including the acquisition costs, Odin invested an estimated total of $20 million into the community, according to the Courier Post. The property is 98.5 percent leased, per Yardi Matrix data from April 2018.
“Odin replaced the kitchens and bathrooms in the vast majority of the units, replacing the original 1960s-era kitchens that made the apartments very difficult to rent with new modern-look kitchens, bathroom vanities, flooring and appliances,” Philip Balderston, founder & CEO of Odin, told Multi-Housing News. “In addition, Odin made substantial improvements to the landscaping, site work, and parking lots throughout the 28.4-acre site, improving the asset’s curb appeal with a new branding package.”
Image courtesy of Yardi Matrix
