LINDENWOLD, NJ—In the second largest of the Greater Philadelphia Metro Apartment Market’s 28 distinct submarkets – Camden West – Gebroe-Hammer Associates has arranged the $7.5 million sale of 148 units at Summit Place, a recently renovated garden-style community located at 411 E. Gibbsboro Rd., in Lindenwold, NJ.
Gebroe-Hammer vice president Adam Zweibel exclusively represented the seller, ARD Lindenwold, and procured the buyer, a private investor who was not identified.
“Known as a friendly, close-knit community with tree-lined streets and scenic woodland areas, Lindenwold is emerging as an enclave for single millennial and established, executive-level out-commuters,” says Zweibel, the firm’s Central/South Jersey area market specialist. “For the same reasons the tenant base is drawn to this emerging submarket – extensive highways, the nearby Lindenwold Station transit center, convenient lifestyle services – so are experienced investors.”
Situated in southwest New Jersey on the Pennsylvania border, Lindenwold is close to Center City Philadelphia, just 17 miles away, and the Trenton/Ewing/Hamilton corridor, with its high concentration of New Jersey State offices and 72,700 government jobs.
Built in 1971, Summit Place recently underwent comprehensive capital improvements. While exterior enhancements included new windows and doors, the one- and two-bedroom apartment units also have undergone extensive upgrades.
“The sale of Summit Place illustrates how investment demand is tightening its grip within the Camden West apartment market, particularly when it comes to existing, well-maintained 1970s-era product,” says Zweibel. With 17,096 units, about eight percent of the total metro inventory, the Camden West submarket is the second largest of the 28 distinct Philadelphia Metro submarkets, smaller only than Center City. According to REIS, during 2018 and 2019 no additional competitive apartment stock is projected to be introduced into the submarket’s inventory.
“This bodes well for both asking and effective rents, which are expected to rise on an annualized basis in 2018 and 2019 and will only feed the investment fire even more,” says Zweibel.