Stonington Court Apartments at 1800 Laurel Road in Lindenwold — Courtesy: The Kislak Co. Inc.
By Joshua Burd
A private investor has paid more than $27 million for a 456-unit apartment complex in Camden County, brokers with The Kislak Co. Inc. said Wednesday.
In a news release, Kislak said it represented Coolidge Stonington Court LLC in the sale of Stonington Court Apartments, located at 1800 Laurel Road in Lindenwold. The nearly $27.4 million deal follows Coolidge’s acquisition of the garden-style complex in 2006 for $20.8 million, a transaction that Kislak also brokered.
Senior vice presidents Matt Weilheimer and Barry Waisbrod handled the latest assignment for the Woodbridge-based firm. The team also represented the buyer, a repeat client.
“We resold the property for a 32 (percent) increase in value,” Weilheimer said. “The purchaser feels strongly about the southern New Jersey multifamily market and has had a great deal of success there, which is why we recommended this particular deal for him.”
New York Community Bancorp. provided new financing for the buyer.
Sitting on 25 acres, Stonington Court consists of 24 two-story, wood-framed buildings with brick veneers and siding, Kislak said. Occupancy was 97 percent at the time of the sale.
The units include apartments and townhouses. The complex also has amenities such as a swimming pool and sundeck, clubhouse, laundry rooms in each hallway entrance and washers and dryers in the townhomes.
Kislak noted that it has represented the seller in more than $100 million worth of transactions over the last 12 years. The deal is also the second transaction between the parties, following a 368-unit sale in Westville.