Regency Court at 752 South East Ave. in Vineland — Courtesy: The Kislak Co. Inc.
By Joshua Burd
The longtime owner of two apartment complexes in Vineland has sold the properties for $15.1 million, according to The Kislak Co. Inc.
The properties, known as Regency Court and Chestnut Court, are home to a combined 152 units at 752 South East Ave. and 729 East Chestnut Ave., respectively. Kislak marketed the properties on behalf of a longtime client, which had owned them for 14 years, and secured the buyer.
“The seller is a longtime professional who managed the properties well, and the properties’ financials improved throughout our marketing and sale process despite the pandemic,” Kislak Executive Vice President Joni Sweetwood said. “There was very strong demand among investors for these properties as soon as we were engaged by the seller. Given the demand, after only one day of tours, we received two non-contingent offers that ultimately exceeded the asking price.
“The seller and purchaser both did exactly what was expected of them and the transaction was nearly seamless through closing.”
The deal marked the largest multifamily sale in Vineland and Cumberland County since 2015, Kislak said, citing data from CoStar. The firm added that the seller initially purchased the assets in 2006, in a deal that was also brokered by Sweetwood.
Regency Court, a garden complex with a brick and siding exnterior is home to 104 units on 4.54 acres, according to a news release. The 48-unit, 2.39-acre Chestnut Court sits about a half-mile away, with amenities such as courtyard, playground and laundry facilities.
With a mix of one- and two-bedroom units the properties boast recent renovations such as new roofs, windows, and balconies.
