Spring Gardens Apartments at 771 South East Ave. in Vineland — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A private investor has purchased a 130-unit garden apartment complex in Vineland for more than $18 million, in a newly completed deal by The Kislak Co. Inc.
Joni Sweetwood, an executive vice president with the brokerage firm, represented an undisclosed longtime client in the sale of Spring Gardens Apartments at 771 South East Ave. She noted that the two-story property dates to 1974, comprising 16 buildings on 13.38 acres with a total of 64 one-bedroom and 66 two-bedroom units.
Sweetwood also procured the buyer in the $18.35 million deal.
“This is a well-maintained and well-performing property with a strong history in a desirable location,” Sweetwood said. “Once we brought it to market, we immediately procured offers from several interested investors and ultimately sold the property for above the asking price further demonstrating the continued demand for multifamily properties in New Jersey.”
In announcing the deal, Kislak said Spring Gardens has galley-style kitchens, high ceilings, oversized bedrooms, balconies and patios, large walk-in closets, updated kitchens and bathrooms in select units and washer/dryer hookups. Its location in suburban Vineland places residents around 45 minutes from Philadelphia, Atlantic City and other parts of the Jersey Shore.