Situated on a 20-acre site, the project was completed in 1968. Arbor Commercial Mortgage, based in Uniondale, NY, provided a $2 million loan to the buyer under its mezzanine product line to complete the latest sale transaction.

"This complex is a model of the type of suburban property we want to add to our multifamily portfolio," according to Andrew Schwartz, managing director of the Vintage Group. "We are actively seeking garden-style and mid-rise apartment communities along the eastern seaboard and the Gulf South that can significantly benefit from fresh capital and proactive marketing and management."

Along those lines, the new owners plan to spend $1 million to make some capital improvements to the complex, which is currently 94% occupied. As part of the effort to upgrade the property, it will be renamed Audubon Ridge at Glassboro, according to Schwartz.

"The Greater Philadelphia/Southern New Jersey region remains one of the most stable and best performing multifamily markets in the country," Schwartz says. "We believe that demand for high-quality, attractively priced rental housing will remain strong in the future."