Polo Ridge Apartments at 1210 North Route 130 in Burlington Township — Courtesy: The Kislak Co. Inc.
By Joshua Burd
The owner of a 326-unit multifamily portfolio in southern New Jersey has sold the property for $24.5 million, under a transaction announced Monday by The Kislak Co. Inc.
The brokerage firm represented the seller and procured the buyer in the sale, which includes three properties across Camden, Cumberland and Burlington counties. The largest among them is Regency House, a 195-unit complex at 304 Erial Road in Sicklerville, followed by the 67-unit Upper Deerfield Estates at 23 McCormick Blvd. in Bridgeton and the 64-unit Polo Ridge Apartments at 1210 North Route 130 in Burlington Township.
Westover Cos. purchased the complexes from Mercer Management, with Kislak Vice President Justin Lupo completing the transaction. Doug Doerr of Northfield Bank arranged financing for the buyer.
“The sale of the portfolio is a clear demonstration of the continued demand for value-add multifamily opportunities in today’s market,” Lupo said. “Both parties had incentive to act and the transaction proceeded smoothly to closing.
“The location of the properties provided the purchaser with an opportunity to acquire a value-add portfolio that fits strategically within their business model in a multitude of ways,” he added. “The purchaser intends to invest significant capital into the properties in order to enhance them. The seller’s focus has shifted to new developments at the Jersey Shore, including the recently completed Hotel LBI on Long Beach Island.”
Regency House is a four-story brick, midrise apartment building with 195 one- and two- bedroom apartments, Kislak said. The property is about 10 miles from Philadelphia.
Upper Deerfield Estates is a single-story active adult apartment community with 67 two-bedroom apartments, according to a news release. Kislak cited its location about 15 miles from both Wilmington, Delaware and Atlantic City.
Polo Ridge Apartments, a two-story brick garden apartment complex, has 64 one- and two- bedroom apartments and is about 10 miles from Philadelphia.