N.J. Apartment Property Sells for More Than $51 Million

Blackwood, N.J.– Fountainview Village LP has sold a 980-unit apartment building in Blackwood, N.J. to a joint venture group that includes Philadelphia-based Empire Realty for $51 million.Autumn Ridge Apartments sits on 52 acres and has a rentable building area of approximately 800,000 square feet.The 25-year-old complex features a fitness center, clubhouse, Olympic-sized swimming pool and two tennis courts. Empire Realty Investments Inc., has acquired and managed approximately 3,500 units, 4 million square feet and 1,000 acres of retail, office, multi-family and residential properties throughout the metropolitan Philadelphia area and in 15 states across the U.S.