Riverview Gardens at One Garden Terrace in North Arlington — Courtesy: CBRE
By Joshua Burd
The longtime owner of nearly 3,700 garden apartments across New Jersey and Pennsylvania is seeking a buyer for the portfolio, according to listing brokers with CBRE.
Calling it a “once-in-a-generation opportunity,” the real estate services firm said the offering spans 14 properties with a footprint that stretches from the Philadelphia suburb of Lancaster to North Arlington in Bergen County. Equally notable, the team said, the 3,683-unit portfolio is 98 percent occupied with 29 percent below-market rents on average, leaving major upside for a would-be buyer.
Capital markets brokers Spencer Yablon, Fahri Ozturk, Richard Gatto, Peter DiLullo, Brad Megay, Zach McHale, Nick Murray, Adrian Sam and Mac Shea of CBRE’s New Jersey and Pennsylvania offices are marketing the properties with support from Shawn Rosenthal, Jason Gaccione and Jake Salkovitz of the firm’s debt and structured finance team.
“Inventory across the country is extremely low, which will drive significant demand for a generational portfolio of pristine suburban garden assets,” said Gatto, a senior vice president based in CBRE’s Saddle Brook office. “With roughly 3,700 units, there’s simply nothing like this portfolio available across the country.”
Ozturk, also a senior vice president with the firm’s tristate capital markets group, added: “Replicating a similar portfolio, one asset at a time, would take several decades. This is truly a once-in-a-generation opportunity.”
Owned by Samuel Geltman & Co., the portfolio consists of five properties in New Jersey and nine in Pennsylvania. The New Jersey complexes, which total 1,316 units, include:
- Barclay Village at 3461-A South Broad St. in Hamilton Township
- Bradford Arms at 146 Tierney Drive in Cedar Grove
- Countryside Apartments at 97 Countryside Apartments in Hackettstown
- Greenview Gardens at 70 Mitchell Road in Hackettstown
- Riverview Gardens at One Garden Terrace in North Arlington
Comprising 2,367 rental homes, the Pennsylvania properties include:
- Hanover Gardens at 212 East Schuylkill Road in Pottstown
- Helfrich Springs at 900 Mickley Road in Whitehall
- Olympic Gardens at 1229-10 Pericles Place in Whitehall
- Plymouth Gardens at 1300 Fayette St. in Conshohocken
- Plymouth Park at 1700 Butler Pike in Conshohocken
- Roseville House at 401 Eden Road in Lancaster
- Sunnybrook Towne Houses at 50 Knollwood Drive in Lancaster
- Sussex Square at 515 Plymouth Road in Plymouth Meeting
- Top of the Hill at 301 Heights Lane in Feasterville
Each property has been under the current ownership for 40 to 60 years, contributing to the portfolio’s low turnover.
“There are significant economies of scale benefits,” Ozturk added. “Operating over 3,600 units within a drivable distance allows for efficient management. Additionally, several properties are located just minutes apart.”
