Laura’s Glen Apartments in Salem — Courtesy: The Kislak Co. Inc.
By Joshua Burd
Two garden apartment complexes and a shopping center in southern New Jersey have changed hands for a combined $23 million, under a set of transactions brokered by The Kislak Co. Inc.
The firm said the properties, which traded in separate deals, include a 197-unit apartment complex in Pennsville and a 116-unit apartment complex in Pennsauken. The larger of the two is known as Laura’s Glen Apartments and sold for $12.15 million.
The other multifamily complex, Penn Garden Apartments, traded for $6.75 million, Kislak said. The retail property is a 50,400-square-foot, Acme-anchored shopping center in Manahawkin known as Manahawkin Center.
Kislak Senior Vice President Matt Weilheimer represented the seller in all three transactions and the purchaser in the Manahawkin transaction, the firm said in a news release. Senior Vice President Barry Waisbrod represented the purchaser of Laura’s Glen Apartments, while Vice President Jonathan Greenberg represented the buyer of Penn Garden Apartments.
“Laura’s Glen Apartment was a perfect addition to the purchaser’s portfolio,” Weilheimer said. “The demand for multifamily properties in southern New Jersey has never been greater.”
Kislak said the sale of Laura’s Glen Apartments is the single-largest sale of a multifamily property ever in Salem County, citing data available from CoStar. The property is a brick garden apartment complex with 10 two-story buildings sitting on nearly 18 acres, located about 16 miles from Wilmington, Delaware, and 38 miles from Philadelphia.
David Singer of Eastern Union Funding provided financing through Freddie Mac for the transaction.
“The buyer believes strongly in the South Jersey market and has seen tremendous opportunity and upside in Laura’s Glen,” Waisbrod said.
Penn Garden Apartments, with its two-story brick garden apartment buildings, is 15 minutes from Center City Philadelphia via the Betsy Ross Bridge, Kislak said. Weilheimer called it “the quintessential ‘value-add’ play that buyers are looking for in this market.”
At Manahawkin Center, other tenants include Rite Aid Pharmacy, Peking Gardens, Big Apple Bakery, EZ Nails and Ares Athletic Club. The property on East Bay Avenue is about five miles from Long Beach Island.
“With national tenants such as Walgreens and ACME, the repositioning of the rest of the center with capital upgrades would fare well in this area,” Weilheimer said.