East Park Apartments at 1045-1047 East Park Ave. in Vineland — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A collection of 88 apartments and mobile homes in New Jersey has sold for more than $9 million in total, in a series of transactions announced by The Kislak Co. Inc.
According to the brokerage firm, the properties include the 41-unit East Park Apartments at 1045-1047 East Park Ave. in Vineland, which sold for $3.95 million. The buyer, a repeat client of Kislak, completed the deal after recently acquiring 152 nearby apartments.
Kislak Executive Vice President Joni Sweetwood brokered the sale. Her other recent deals include the sale of the Farrell Place Manufactured Home Community, a collection of 30 mobile home park lots at 1205 Farrell Ave. in Cherry Hill, which traded for $2.475 million.
In announcing the deal, Sweetwood noted that the property includes a stable tenancy with some long-term tenants in residence for more than 40 years. Tenants pay for all of the maintenance of their lots, thereby requiring no management or maintenance by the owner.
“Mobile home parks can have superior returns to apartments without certain management headaches as there are no buildings to maintain,” she said. “The purchaser acquired an attractive investment in an upscale area near the Cherry Hill Marketplace and all major highways.”
Meantime, Sweetwood completed the $2.6 million sale of a 17-unit apartment building at 17 Lenox Ave. in East Orange. She noted that the newly upgraded property has below-market rents, providing a value-add opportunity for the buyer.
Kearny Bank provided financing for the Vineland deal, which also includes a house on the property, while Investors Bank and New York Community Bank served as the lenders in the Cherry Hill and East Orange transactions, respectively.
