Laura’s Glen Apartments in Pennsville — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A nearly 200-unit apartment complex in Salem County has changed hands for the second time in less than two years, following a $14.3 million deal brokered by The Kislak Co. Inc.
The firm on Monday announced that it represented Laura’s Glen DE1, 2 and 3 LLC in the sale of Laura’s Glen Apartments, a 10-building complex off Route 49 in Pennsville. An entity known as Capital MG LLC acquired the 197-unit development, which sold in mid-2017 for $12.15 million.
Kislak Senior Vice President Barry Waisbrod represented Laura’s Glen DE1, 2 and 3 in both deals, first as the buyer and then as the seller. Citing CoStar, he said each deal at the time marked the largest-ever sale of a multifamily property in Salem County.
“The buyer is very active in the southern New Jersey market and sees much opportunity and long-term potential in attractive complexes with smart upgrades and management,” Waisbrod said.
Built from 1976 to 1978, the two-story brick and vinyl buildings feature 144 one-bedroom, 48 two-bedroom and four three-bedroom units with private patio and balconies, according to a news release. Kislak also touted amenities and services including on-site laundry and storage facilities, 300 parking spaces and a swimming pool.
Individual units feature wall-to-wall carpeting, large closets and individual central air conditioning units, the news release said. Recent upgrades include all new roofs and new siding, while 65 percent of the complex’s terraces have been renovated.