The Highlands at Cherry Hill — Courtesy: HFF
By Joshua Burd
An out-of-state firm has made its first acquisition in New Jersey with the purchase of a 170-unit apartment complex in Cherry Hill, according to brokers with HFF who arranged the deal.
The brokerage firm represented Equity Residential in the sale of The Highlands at Cherry Hill Apartments, located at 1980 Route 70. HFF also procured the buyer, Friedkin Realty Group of San Francisco, which was one of more than two dozen prospective buyers.
The firms involved did not disclose the sale price, but the complex reportedly traded for about $35 million.
The HFF team involved in the deal included senior managing directors Jose Cruz and Mark Thomson, Managing Director Kevin O’Hearn, senior directors Stephen Simonelli and Carl Fiebig and Director Fran Coyne.
“The property’s current occupancy of more than 97 percent combined with its access to retail and superior amenities made it a highly desirable investment for several public and private entities,” Cruz said in a prepared statement.
Completed in 2002, The Highlands at Cherry Hill Apartments comprises 12 two-story residential buildings housing one-, two- and three-bedroom units, HFF said in a news release. The property features a clubhouse with a lounge, fitness center, business center, grilling area, resort-style swimming pool and other amenities.
The complex sits on 11.29 acres along the busy Route 70 corridor and offers easy access to Philadelphia and New Jersey via the New Jersey Turnpike and interstates 295 and 676. Also nearby are shopping destinations such as The Marketplace at Garden State Park and the 1.2-million-square-foot Cherry Hill Mall.
“We were very encouraged by the activity on this transaction,” Thomson said. “Despite the smaller property size of 170 units, the market showed a strong interest from both institutional and private groups.
“By leveraging our national platform, we procured 27 tours. Ultimately, the deal was awarded to Friedkin Realty, a San Francisco-based firm and first-time buyer in the New Jersey and Philadelphia MSA. We always take pride in moving new capital to the region as was the case on this transaction.”