Orchard Court Apartments at 1000 Carroll Ave. in Pennsville — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A well-known multifamily owner has sold a 156-unit property in Salem County, in a newly announced transaction by The Kislak Co. Inc.
Brokers with the firm represented an affiliate of The Kamson Corp. in its disposition of Orchard Court Apartments, a 10-building complex at 1000 Carroll Ave. in Pennsville. The buyer, Orchard Court Apartments LLC, paid $16 million for the 14.2-acre property.
“This sale was an excellent opportunity for our clients,” said Jason Pucci, Kislak’s chief operating officer. “The seller is in the process of exchanging into two new properties in New Jersey, and the purchaser added to its growing portfolio of properties in the Northeast and Mid-Atlantic with the purchase of this value-add property.”
Pucci and Kislak Senior Vice President Justin Lupo represented the seller, listed as Orchard Court Associates, while Executive Vice President Barry Waisbrod represented the buyer. They touted the sale price as the largest ever for a multifamily property in Salem County, citing data available from CoStar.
“This sale demonstrates Kislak’s incredible ability to act on behalf of a seller both to sell a property and also to identify and facilitate the acquisition of replacement properties to satisfy an I.R.C. Section 1031 exchange,” Lupo said, referring to a tax-deferred real estate transaction. “It was a pleasure working with Jason and Barry in bringing this to closing.”
Built in 1963, Orchard Court Apartments is a brick garden-style complex with studio, one-bedroom and two-bedroom units, according to a news release. Amenities include on-site parking, a swimming pool, private balconies or patios and laundry facilities, while residents have easy access to retail and commercial establishments along Route 49.
At the time of closing, the property was 97 percent occupied.
“The purchaser has been very active in the South Jersey market where he sees great opportunities in rent growth by consistently upgrading units and raising rents,” Waisbrod said.
Allen Popowitz of Brach Eichler LLC and Aaron Schlusselberg of the Law Offices of David Fleischmann PC served as attorneys for the seller and buyer, respectively.