CAMDEN, NJ-Marcus & Millichap has orchestrated sale of a 392-unit low-income apartment complex here for $16.1 million.
The brokerage team of Ridge MacLaren, Andrew Townsend and Clarke Talone had the exclusive listing and marketed The Crestbury apartments for a New Jersey-based limited liability company. The buyer was Tryko Partners LLC of Brick, N.J.
“The buyer received excellent financing on this low-income property,” says Townsend, who adds that Tryko plans make substantial renovations. “The new owner plans improvements including new windows, boilers, kitchens, bathrooms and landscaping, which will vastly improve quality of life for the tenants.”
MacLaren said the transaction required cooperation between buyer and seller “to navigate through bureaucratic issues.” One sticky issue involved the buyer’s assumption of a payment-in-lieu-of-taxes (PILOT) agreement.
Built in 1950, The Crestbury is located within a few miles of bridges heading into Philadelphia. Its one- and two-bedroom units overlook a neighborhood park.
Marcus & Millichap’s brokers said the property carried no mortgage at the time of sale.
The national company’s new forecast says the northern part of New Jersey is ranked among the top 10 most attractive apartment markets in the country for real estate investors this year – although the southern part of the state has traditionally not been a hot market.
The California-based brokerage, which has its state offices in Elmwood Park, reports that there will be fairly little inventory growth for Garden State apartments this year. Rents are expected to rise overall in the state, because of investors who are buying and renovating older properties in secondary markets.