Candlebrook Buys Philly-Area Apartment Community for $83M
- Dec 17, 2012
Voorhees, N.J.—Candlebrook Properties LLC and Angelo, Gordon & Co. have acquired the Echelon Glen apartment community, which totals 900 units in 63 buildings in Voorhees, N.J. The property traded for about $83 million.
Echelon Glen dates from the 1970s and has an occupancy rate of about 90 percent. Candlebrook, which will manage the property going forward, plans upgrades that include improvements to the units as well as the common areas.
Candlebrook currently oversees a portfolio of apartments throughout New Jersey, and says it’s looking for further acquisitions in the market. Since its formation in 2011, the company has extended its geographic reach by making investments in middle-income multifamily rental properties in New Jersey and greater Philadelphia, and now owns and manages 2,700 units in the region.
The company is an affiliate of Vantage Property, which specializes in buying and upgrading apartments in New York City and environs. So far Vantage, founded in 2005, has rehabilitated over 12,000 units in the NYC metro area.
A Philadelphia suburb, Voorhees is an affluent place—with a median household income of about $82,100—and has seen some population increase in recent years. Between 2000 and 2010, according to the Census Bureau, the number of people living in the township was up 3.6 percent.