CHERRY HILL, NJ—San Francisco-based Friedkin Realty Group has entered the New Jersey market, acquiring The Highlands at Cherry Hill Apartments, 1980 Route 70 East, in the Philadelphia suburb of Cherry Hill, NJ. The property is a 170-unit luxury multi-housing asset. The price was not disclosed.
A Holliday Fenoglio Fowler team of senior managing directors José Cruz and Mark Thomson, managing director Kevin O’Hearn, senior directors Stephen Simonelli and Carl Fiebig and director Fran Coyne represented Equity Residential and procured the buyer.
“The property’s current occupancy of more than 97 percent combined with its access to retail and superior amenities made it a highly desirable investment for several public and private entities,” Cruz says.
Completed in 2002, The Highlands at Cherry Hill Apartments includes 12 two-story residential buildings housing one-, two- and three-bedroom units. The 97-percent-leased community offers residents a clubhouse with lounge, fitness center, business center, grilling area, resort-style swimming pool with Jacuzzi, valet dry cleaning service and parking available in a mix of direct access, hallway access and detached garages as well as surface spaces. The property is situated on 11.29 acres at 1980 Route 70, a major east-west commercial highway, and is just fifteen minutes from Center City Philadelphia.
The location is convenient to employment drivers in Philadelphia and New Jersey via the New Jersey Turnpike, Interstates 295 and 676, and is close to several high-end shopping destinations, including The Marketplace at Garden State Park and the 1.2-million-square-foot Cherry Hill Mall.
“We were very encouraged by the activity on this transaction,” says Thomson. “Despite the smaller property size of 170 units, the market showed a strong interest from both institutional and private groups. By leveraging our national platform, we procured 27 tours. Ultimately, the deal was awarded to Friedkin Realty, a San Francisco-based firm, and first-time buyer in the New Jersey and Philadelphia MSA. We always take pride in moving new capital to the region as was the case on this transaction.”