Woodland Village at 401 East Gibbsboro Road in Lindenwold — Courtesy: Gebroe-Hammer Associates
By Joshua Burd
A multifamily owner has sold a 546-unit garden apartment complex in Camden County for $32.1 million, in a newly announced sale arranged by Gebroe-Hammer Associates.
Brokers with the firm said Tuesday that they represented Odin Properties in the trade of Woodland Village, located at 401 East Gibbsboro Road in Lindenwold. A private investor acquired the complex.
Gebroe-Hammer Senior Vice President Eli Rosen and Sales Associate Eli Herskowitz represented the seller and procured the buyer.
“At just (4.1 percent), the Greater Philadelphia vacancy rate is considered ‘typical’ by local standards at the peak of a construction boom highly concentrated within Center City,” Rosen said. “Because of Center City’s employer appeal and its connectivity to the outer suburbs, adjacent bedroom communities are expected to end the year on a high note, with submarkets like Camden West projected to finish with occupancy rates at (97-plus percent).”
The firm touted Lindenwold as an emerging enclave for single millennials and established executives with families who favor the borough’s lower cost of living than Philadelphia. Woodland Village includes a mix of one- and two-bedroom layouts ranging from 670 to 829 square feet, with newly renovated kitchens and separate dining rooms.
Nearby amenities include shopping, dining, entertainment and recreational venues as well as proximity to Lindenwold Station, the eastern terminus and main operations facility for the PATCO Speedline.
“The buyer was drawn to the property’s strategic southwest New Jersey location, just 17 miles from Philadelphia in the heart of this thriving, top-performing submarket,” Herskowitz said. “Value-add plans include a barbeque/picnic area and a children’s playground.”
