The East Browning Apartments in Bellmawr — Courtesy: Marcus & Millichap
By Joshua Burd
Three garden apartment complexes with a combined 95 units have changed hands in southern New Jersey, in a nearly $5.7 million transaction arranged by Marcus & Millichap.
Brokers with the firm represented an unnamed LLC in the sale of what’s known as the Gladiator Portfolio II. The properties include Westwood Court Apartments in West Deptford, East Browning Apartments in Bellmawr and Town House Apartments in Burlington, which include 40, 35 and 20 units, respectively.
Andrew Townsend, Clarke Talone and Ridge MacLaren of Marcus & Millichap’s Philadelphia office completed the $5.695 million transaction. They also represented the buyer, noting that the property traded for the first time since the mid-2000s, giving the new owner the opportunity to begin renovations and increase rents.
“The properties are comprised of older, well-occupied, garden-style properties located in solid neighborhoods close to Philadelphia,” Talone said. “It is a great value-add opportunity for the buyers.
“The investment demand in South Jersey continues to grow. We are very active in South Jersey. Investors from out of the area are seeing value due to heightened pricing in the New York and Philadelphia markets.”
The transaction represents the second phase of a seven-property sale totaling 189 units, all of which are located in Burlington, Camden, and Gloucester counties.
