Mount Laurel Crossing at 1 Larchmont Place in Mount Laurel — Courtesy: JLL
(Editor’s note: This story was updated July 2 with additional information and quotes from JLL, which represented the seller and procured the buyer.)
By Joshua Burd
A joint venture has acquired a 14-building, 296-unit apartment complex in Mount Laurel for $80 million, according to brokers involved in the deal and a related financing transaction.
Brokers with JLL represented the seller in the trade of Mount Laurel Crossing, which is located at 1 Larchmont Place. They also procured the buyers, Colony Hills Capital and Balfour Beatty Communities, citing the appeal of a property was that is 15 miles east of Center City Philadelphia and was 98 percent leased at the time of the deal.
“We are thrilled to have facilitated the $80 million sale of Mount Laurel Crossing,” JLL Senior Managing Director Fran Coyne said. “This transaction underscores the strong desirability of the Mount Laurel submarket and the appeal of well-maintained, amenity-rich multifamily properties.”
Coyne represented the seller alongside senior managing directors Carl Fiebig, Mike Oliver and Jose Cruz, Senior Director Samantha Kupersmith and Director Tyler Margraf. They noted that Mount Laurel Crossing, which was built in 1999, has floorplans ranging from one to three bedrooms and amenities such as a pool, an outdoor lounge area with a fire pit, a dog park, a clubhouse with a business center and a 24-hour fitness center, among others.
Meantime, Cushman & Wakefield’s John Alascio, Alex Hernandez, Aaron Graves and John Spreitzer represented Colony Hills in securing $29 million of equity financing for the purchase, including preferred equity from Heitman and common equity via a strategic partnership with Balfour Beatty. The firm added that Freddie Mac provided a $55.3 million fixed-rate senior loan for the acquisition.
“This property is well positioned to benefit from new ownership’s renovation program and Mount Laurel’s continued strong submarket fundamentals,” Graves said.
JLL added that Mount Laurel and the Burlington County submarket have consistently demonstrated strong rental performance in recent years. Furthering bolstering those fundamentals is the presence of prominent regional employers such as Joint Base McGuire-Dix-Lakehurst, TD Bank, Freedom Mortgage and Automotive Resources International.
Tenants are also within walking distance of the community association’s park, which offers tennis courts, pickleball courts, basketball courts, a baseball field, an open field and a children’s play area.
“We are thrilled to add this community to our multifamily portfolio. Mount Laurel Crossing’s neighborhood appeal coupled with the economic diversity and strength of the greater MSA makes this a perfect fit for our investment strategy,” said Lisa Daily, senior vice president of multifamily acquisitions for Balfour Beatty.
Fiebig added: “The opportunity attracted a diverse mix of private and institutional capital, resulting in a highly competitive sale process.”
In announcing the financing deal, C&W noted that Willow Bridge Property Co. will continue to manage the property, while Colony Hills and Balfour Beatty plan to renovate the apartments, interior common areas and the exterior with updates such as new amenities, landscaping, improvement of signage and an expansion of the fitness center.
“The strategic location, coupled with the planned property enhancements, ensures that this community will continue to attract residents seeking high-quality living spaces and a comprehensive suite of amenities,” Alascio said. “The equity financing package we orchestrated supports Colony Hills Capital and Balfour Beatty Communities in realizing their vision for Mount Laurel Crossing, making it a standout asset in the region.”
