The Ashby at 6830 Ludlow St. in Upper Darby, Pennsylvania, one of three apartment complexes sold by The Kislak Co. Inc. — Courtesy: Kislak
By Joshua Burd
A private buyer has acquired a 40-unit apartment complex in Camden County, in one of three recent transactions by The Kislak Co. Inc.
The property, known as Foxcroft Apartments, is located at 440 North Black Horse Pike in the Blackwood section of Gloucester Township. Kislak senior vice presidents Matt Weilheimer and Joseph Keenan represented the seller, while Senior Vice President Robert Squires secured the buyer in the $2.5 million deal.
The property changed hands alongside two complexes in Delaware County, Pennsylvania, Kislak said. Weilheimer also brokered the sale of Colwyn Apartments at 300 Main St. in Colwyn and The Ashby at 6830 Ludlow St. in Upper Darby, which sold for $1.55 million and $2.3 million, respectively.
“The purchasers of the properties recognized the value-add potential with significant upside in rents,” Weilheimer said.
The Blackwood property, which includes two-story garden-style buildings, followed a similar formula.
“This property also was a value-add opportunity and the transaction involved a seller and purchaser who are longtime Kislak clients and who, over the course of the transaction, witnessed dramatic pricing increases in southern New Jersey,” Weilheimer said.
