(Read more on the multifamily market.)

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BLACKWOOD, NJ-A joint venture group led by Empire RealtyInvestments has closed on the acquisition of the 980-unit gardenapartment community at 1501 Little Gloucester Rd. in this SouthJersey township. The final sale price of $51 million factors out tojust more than $52,000 per unit.

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The seller was Fountainview Village LP, a local partnership.With the change in ownership, the name of the community is havingits name changed from Fountainview Village to Autumn RidgeApartments. A capital improvement program is also on tap for the25-year-old complex.

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"For a variety of reasons, the complex has experienced a highvacancy rate over the years," says Michael Pearlstein, president ofthe Philadelphia-based Empire Realty Investments. "But because ofits phenomenal location, well-built construction and amenitypackage, we saw a significant opportunity to enhance the value ofthe property by investing in upgrades and management."

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The location is near I-295, the New Jersey Turnpike and theAtlantic City Expressway connecting that gaming mecca to MetroPhiladelphia. And the amenity package includes, among other things,a fitness center, clubhouse, Olympic-sized swimming pool and otherrecreational features. Located on a 52-acre site, the four-storycomplex adds up to a total of approximately 800,000 sf of buildingspace.

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As reported by GlobeSt.com, the previous ownership had picked upa $41.4-million firstmortgage on the complex just more than two years ago. Past troublesincluded a fire affecting some 48 units, which occurred during theclosing process on that loan.

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With its participation in the joint venture acquiring theproperty, Empire now has interests in a total of four million sfand 1,000 acres of residential, retail and office properties,mostly in Metro Philadelphia. The residential portion of thatportfolio adds up to approximately 3,500 units. The other partnersin the joint venture were not identified.

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