136-198 White Horse Pike and 256 Richey Ave. in Collingswood — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
A private investor has purchased a 57-unit apartment portfolio in Collingswood for $9.4 million, in a newly announced transaction by Gebroe-Hammer Associates.
Arranged by Eli Herskowitz, a sales representative with the brokerage firm, the deal includes contiguous properties at 136-198 White Horse Pike and 256 Richey Ave. He noted that the collection of one- and two-bedroom homes is in one of South Jersey’s most in-demand municipalities, one that’s also five miles from Center City Philadelphia.
Herskowitz represented the seller, 198 Whitehorse Pike LP, and procured the buyer. The deal also includes one commercial unit.
“Thanks to its commuter-friendly location, prominent positioning as one of a limited number of neighborhood multifamily assets and connectivity to an array of lifestyle offerings, the Collingswood portfolio presented new ownership with a rare close-in-proximity multifamily asset acquisition opportunity,” Herskowitz said. “As a whole, the portfolio offers immediate-neighborhood building density and shared operational (and) property management efficiencies.”
The broker added that each property has undergone a series of interior updates to select units during the past few years. Residents also benefit from their proximity to Collingswood’s popular downtown, with its eclectic dining and retail options, while they’re minutes from thoroughfares such as routes 30 and 130, NJ Transit bus service and the borough’s PATCO Speedline Park & Ride station, with elevated rail service to Philadelphia and neighboring municipalities.
“Long considered a desirable suburban-bedroom community of Philadelphia, Collingswood’s renewed popularity has attracted a new wave of former city dwellers in the post-pandemic recovery,” Herskowitz said. “From its charming character to abundant lifestyle offerings and transit connectivity, Collingswood appeals to an overwhelmingly dominant white-collar workforce comprised of commuters and telecommuters alike.”