Mi Place at Rancocas at 1 Foundry Blvd. in Mount Holly — Courtesy: Marcus & Millichap
By Joshua Burd
Affiliates of Fernmoor Homes have sold a newly built, 108-unit multifamily property in Mount Holly for $33.6 million.
Brokers with Marcus & Millichap represented the seller in the transaction at 1 Foundry Blvd., the second piece of a two-phase development known as Mi Place at Rancocas. The Kislak Co. Inc. represented the buyer, California-based Universe Holdings, noting that the three-story property was built in 2022.
“This transaction exemplifies our commitment to maximizing asset value and managing complex deal processes,” said Chez Eider, a vice president for investments in Marcus & Millichap’s New Jersey office, who listed the property for sale alongside the firm’s Andrew Townsend. “The strong interest we received from diverse buyer profiles, including institutions, private investors, and high-net-worth individuals speaks to the resilience and appeal of well-positioned multifamily assets like Mi-Place at West Rancocas.”
Part of a five-acre development, the 108 units include 48 one-bedroom apartments, 48 two-bedroom apartments and 12 three-bedroom apartments with modern kitchens and bathrooms, in-unit washers and dryers, walk-in closets and individual balconies, the brokers said. Amenities across both phases include a pool with a clubhouse, a business center, a fitness center, a sundeck, a lounge, a billiard room, a dog park and on-site parking.
The first phase of the Mi Place at Rancocas development, consisting of 232 units built in 2018, is slated to be sold in early 2025.
“Following completion of the property, the seller sought to execute its sales strategy, and we procured a purchaser eager to add to its East Coast portfolio,” said Kislak’s Barry Waisbrod, an executive vice president with the Woodbridge-based firm. “There were various complexities with the transaction and each party and their teams worked diligently to resolve them until closing.”
Townsend, a senior vice president for investments with the firm, added: “The property has long-term payment in lieu of taxes agreements that shelter owners against tax increases or re-assessments, and all units are market-rate, making this an especially attractive investment. Despite the twists and turns of the market, we were thrilled to work alongside a top-tier developer and bring this deal to a successful close.”
The brokerage team noted that the property sits in northwestern Burlington County and 25 miles from Center City Philadelphia. Residents have easy access to the New Jersey Turnpike, routes 206 and 38 and Interstate 295, while the property is within walking distance of downtown Mount Holly with a selection of dining, shopping and entertainment offerings.
Stephen Kessler and Joel Rosen served as attorneys for the seller and buyer, respectively. Dwight Capital provided financing.
