By Joshua Burd
An owner and developer of low-income housing has acquired nearly 400 existing units in Camden, in a nearly $34.5 million deal arranged by Marcus & Millichap.
The brokerage on Thursday announced that an affiliate of Lincoln Avenue Capital LLC had purchased Crestbury Apartments, a 392-unit multifamily property at 2552 South 8th St. Marcus & Millichap represented the seller, Brick-based Tryko Partners.
“The property was part of the RAD (Rental Assistance Demonstration) program and received a new 20-year subsidy contract,” said Andrew Townsend, an investment specialist with Marcus & Millichap’s Philadelphia office. “The seller recently upgraded the flooring, windows, roofs and boilers throughout the property, which made the asset attractive and a great long-term investment.”
The property sold for $34.45 million, or just under $88,000 per unit.
Townsend joined fellow investment specialists Ridge MacLaren and Clarke Talone in marketing the property. They said that, after purchasing Crestbury Apartments in 2013, Tryko Partners invested $3.6 million in capital improvements, including the incorporation of a high-tech security initiative in conjunction with Camden police, plus a playground, updated lighting, landscaping and sidewalks.
The Lincoln Avenue Capital affiliate purchased the property free and clear of existing debt.
“We are seeing a tremendous amount of interest in well-maintained, workforce housing both market-rate and affordable in South Jersey due to solid economic drivers and its proximity to Philadelphia,” MacLaren said.
The complex includes one- and two-bedroom units, the brokerage said. The Crestbury complex sits across 18 acres and is minutes from the Walt Whitman and Ben Franklin bridges, Cooper University Hospital, the Campbell Soup Co. headquarters and the Camden Waterfront.