The buyer was a locally based investment group headed by developer Michael Marke. The sale price and terms of the transaction were not disclosed. Roy Ludwick, a senior associate in the Philadelphia office of the Marcus & Millichap Real Estate Investment Brokerage Co., arranged the transaction.
Rental tenants currently occupy the 54-unit block. According to Marke, the buyer, "the apartment market in Southern New Jersey continues to offer solid investments with tremendous upside potential."
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