PENNSVILLE, NJ—The Kislak Company brokered a trio of properties in southern New Jersey with a total of 313 residential units and 50,400 square feet of retail space, for a combined price of $23.05 million
The separate transactions include the $12.15 million off-market sale of Laura’s Glen Apartments, a 197-unit apartment owned by Houlihan Parnes in Pennsville, Salem County, to AJH Management; the $6.75 million sale of Penn Garden Apartments, a 116-unit apartment complex in Pennsauken, Camden County; and the $4.15 million sale of Manahawkin Center, 609 E Bay Ave., Manahawkin, a 50,400 square foot Acme-anchored shopping center acquired by Manahawkin Acquisition from Atalaya Capital Management. (Buyers and sellers were obtained from Real Capital Analytics, a proprietary research service.)
Kislak senior vice president Matt Weilheimer represented the seller in all three transactions and the purchaser in the Manahawkin transaction. Senior vice president Barry Waisbrod represented the purchaser of Laura’s Glen Apartments and vice president Jonathan Greenberg represented the purchaser of Penn Garden Apartments.
The sale of Laura’s Glen Apartments is believed to be the single largest sale of a multifamily property ever in Salem County, NJ.
The property is a brick garden apartment complex with 10 two-story buildings situated on nearly 18 acres. It is located approximately 16 miles from Wilmington and 38 miles from Philadelphia. Complex amenities include laundry facilities, on-site parking, a swimming pool, basketball court and playground. The spacious apartments include central air conditioning, private balconies or patios and fully-equipped kitchens. Tenants are responsible for their own utilities.
David Singer of Eastern Union Funding provided financing through Freddie Mac for the transaction.
“Laura’s Glen Apartment was a perfect addition to the purchaser’s portfolio,” says Weilheimer. “The demand for multifamily properties in southern New Jersey has never been greater.”
“The buyer believes strongly in the south Jersey market and has seen tremendous opportunity and upside in Laura’s Glen,” says Waisbrod.
Penn Garden Apartments is a two-story, all brick, garden-style apartment complex with 116 units in 11 buildings. Property features include semi-private entrances, on-site parking, and on-site laundry. Units have spacious closets, modern appliances, individually controlled air conditioning and wall-to-wall carpeting.
The property is located 15 minutes from center city Philadelphia via the Betsy Ross Bridge. Nearby transportation includes major roadways 1-95, I-295 and Route 130 and the River Line Light Rail System provided by NJ Transit.
“Penn Gardens is the quintessential ‘value-add’ play that buyers are looking for in this market,” says Weilheimer.
Manahawkin Center is a 50,400 square foot community shopping center anchored by an Acme Supermarket and a Rite Aid Pharmacy. Other tenants include Peking Gardens, Big Apple Bakery, EZ Nails and Ares Athletic Club. The property is located on East Bay Avenue, approximately five miles from resort communities on Long Beach Island.
“With national tenants such as Walgreens and Acme, the repositioning of the rest of the center with capital upgrades would fare well in this area,” says Weilheimer.