51 West Chestnut Ave. in Vineland — Courtesy: The Kislak Co. Inc.
By Joshua Burd
The longtime owner of a 108-unit multifamily complex in Vineland has sold the property for $12 million, in a newly announced deal by The Kislak Co. Inc.
The brokerage firm’s Joni Sweetwood represented the seller in the transaction at 51 West Chestnut Ave., also known as Park Towne Apartments. The trade by Park Towne Apts LLC marks the largest multifamily sale in Vineland and Cumberland County since 2022, she said, citing data from CoStar, adding that it involved two experienced operators in the submarket.
Sweetwood also procured the buyer, Park Towne Apartments LLC. Fannie Mae provided financing.
“The offering presented an attractive opportunity to acquire a well-performing and fully occupied property in a strong rental market and our marketing generated robust interest among investors,” said Sweetwood, an executive vice president with Woodbridge-based Kislak. “The purchaser owns in the market, was eager to expand its presence there and I previously arranged other local sales between the parties, so the transaction went smoothly despite financing challenges given interest rate fluctuations.”
Built in 1952, Park Towne Apartments comprises nine buildings on 2.31 acres in suburban Vineland, according to a news release. The collection of one- and two-bedroom units has air conditioning, modern kitchens, hardwood floors and high-speed Internet access, while residents have access to laundry facilities and on-site parking.
The property is also near schools, shopping and public transportation, Kislak said, adding that Vineland is 40 miles south of Philadelphia and 45 miles west of Atlantic City.
