South Jersey Apartment Community Sells for $26M
- Jul 29, 2014
Pine Hill, N..J.—The 484-unit Chalet Gardens in the Philadelphia suburb of Pine Hill, N..J., has traded hands for $26 million. Gebroe-Hammer Asscoiates managing director, Joseph Brecher, and sales associate, Adam Zweibel, represented the private seller and identified the buyer, another private entity, in the trade of the 31.6-acre community.
Located in the Camden West submarket of the greater Philadelphia MSA, Chalet Gardens has undergone more than $3 million in capital improvements during the past 18 months. These include newly renovated units and the installation of vinyl double-hung windows.
According to Brecher, the buyer plans to finalize the property’s conversion to metered gas for each unit. Gebroe-Hammer arranged two previous sales of Chalet Gardens, representing the sellers during the 1980s and 1990s. The property was built in 1973.
The gated community is comprised of 49 two-story buildings with 348 one-bedroom and 136 two-bedroom units. Each unit has central air, private entrances, patios or balconies, oversized closets and a separate laundry room with washer and dryer. Common amenities include a swimming pool, tennis court, fitness center, playground and recreation area.
The Borough of Pine Hill is in South Jersey, about 17 miles from Philadelphia and 40 miles from Trenton. The region has been experiencing a combination of high occupancy rates and steady, moderate rent gains since the beginning of last year, says Brecher.