Ivanhoe Apartments at 400 North Black Horse Pike in Blackwood — Courtesy: Hudson Atlantic Realty
By Joshua Burd
A private investor has acquired a 33-unit apartment building in Gloucester Township for $4.5 million, marking the first sale of the asset in more than four decades.
According to Hudson Atlantic Realty, which brokered the transaction, the property at 400 North Black Horse Pike consists entirely of one-bedroom units and boasts a location in the township’s Blackwood section. That gives residents quick access to Route 42 and the Atlantic City Expressway, providing a direct connection to the Philadelphia metropolitan area as well as major employment centers, retail destinations and local amenities.
Hudson Atlantic Realty President Adam Zweibel arranged the sale, which equates to a per-unit price of $136,364. He noted that the 33-unit Ivanhoe Apartments represents the market’s most sought-after deal size, adding that it changed hands after becoming available for the first time in more than 40 years.
The deal also underscores continued and intensifying investor appetite for well-located suburban multifamily assets throughout the region, he said.
“This transaction is a strong reflection of where the South Jersey multifamily market stands today,” Zweibel said. “Suburban assets like Ivanhoe — well-located, stabilized and in a market with limited new supply — are exactly what investors are competing for. Achieving over $136,000 per unit in Blackwood speaks to the depth of demand we’re seeing across the Philadelphia MSA, and we’re proud to have delivered that result for our client.”
