LINDENWOLD, NJ-Apartment building trades continue very lively throughout the Delaware Valley region of southern New Jersey and metropolitan Philadelphia, Gebroe-Hammer exclusively tells GlobeSt.com. The Livingston-based firm recently wrapped up four deals totaling $14 million there.
“Rent growth in this marketplace has made multi-family investments even more profitable in recent years,” says Joseph Brecher, a G-H managing director. Both veteran and first-time investors are being lured to the area, he adds.
In the Borough of Lindenwold, Brecher teamed with G-H’s Joel Schwartz to arrange the $7.75 million sale of Birchwood Gardens/Quail Run Apartments. The 216-unit garden-apartment complex at 105 Blackwood Clementon Rd. has one- and two-bedroom layouts, and the complex features a swimming pool.
In Woodbury, Schwartz teamed with Eli Rosen to represent the seller and secure the buyer in the $3.25 million trade Bell Lake Apartments. Located at 431 Myrtle Ave. next to Bell Lake Park, the 68-unit building has one- and two-bedroom layouts. The complex has landscaped grounds, a playground, and convenient access to the Deptford Mall.
Schwartz described the Woodbury property as “a popular tenant/commuter hub.”
In Philadelphia, Rosen arranged a $2.85 million portfolio note sale by an unidentified lending institution for six properties with 87 units in the city’s Fern Rock section. The properties all have one- and two-bedroom layouts.
In that case, the buyer – also unidentified – plans to renovate and reposition the properties, according to Rosen.
“New commuting patterns from Pennsylvania to New York, New Jersey and Maryland also have made this area more attractive to renters seeking affordability and lifestyle conveniences,” Rosen said. The Philadelphia market specialist also arranged the $435,000 trade of 17 units at 4827 N. 6th St. in the city’s Olney neighborhood.