Kislak Markets and Sell Foreclosed and Renovated Property for $13.5M
- Nov 11, 2010
Lindenwold, N.J. — The Kislak Company, Inc. announced the sale of Emerald Ridge Apartments, a 376-unit property in Lindenwold, N.J. that sold for $13,500,000. Vice president Matt Weilheimer handled the sale.
“Multifamily properties remain very attractive to investors. Since early last year, we have experienced an increase in the number of larger properties trading,” says Jeffrey Wiener, president and co-managing director. “Sellers, especially those who have owned properties for longer periods of time, are taking advantage of the increased demand and buyers are taking advantage of the historically low interest rates available for multifamily properties. In many of the markets that we cover, vacancy rates also remain low and rents are increasing,”
Emerald Ridge Apartments is located at 101 Gibbsboro Road. In 2009 a lender foreclosed on the property and a management company was retained to renovate it. In 2010 Kislak was engaged on an exclusive basis to market and sell the property.
Completed in 1972, the property consists of 28 two-story buildings with a total of 376 large one and two bedroom units with on-site parking conveniently located two miles from the PATCO high speed train line that services Philadelphia and Atlantic City. It is also in close proximity to the local high school and a new area recreational facility. The property includes central air conditioning, sub-metered utilities, and an on-site children’s playground.
“This was a valued-add opportunity with upside potential,” says Weilheimer. “Many capital improvements were being made, and the seller was offering attractive financing to interested investors. We were able to generate a great deal of interest in the property from both local and regional clients.”
“The buyer purchased the asset on the ‘upswing,’” adss Weilheimer. “When completed approximately $1,000,000 will have been invested in the property and it will be the most sought after destination for qualified tenants in search of housing in the area.” At the time of closing, nearly three-quarters of the property was occupied and the occupancy was increasing.