Property management is being provided by Hirschfeld ManagementInc. The seller is NJ Cherry Hill LLC of New York City. RudyardPorter, formerly of Cushman and Wakefield's Philadelphia officerepresented the seller. Senior debt financing was provided byEurohypo AG and Apollo Real Estate Advisors L.P. Holliday FenoglioFowler LP represented DIG-HP and arranged the Eurohypo/Apollofinancing through its offices in New York City and Washington, DC.Sources could not further comment on the identity of the seller bydeadline.

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The Landmark Apartments is a 544-unit multifamily rentalcommunity comprising two 18-story high-rise buildings and 21,647 sfof commercial space. The Landmark, located at 1900 Frontage Rd.,was constructed in 1969 and is located on 24 acres of land.

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Jeffrey Hirschfeld, president of Hirschfeld Properties tellsGlobeSt.com that they believe Cherry Hill and the surroundingvicinity is "a great market with about 95% occupancy." He furthernotes that they see upside potential with this particulardevelopment."

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DIG-HP will immediately begin a comprehensive renovation,repositioning and rebranding strategy at the property with morethan $26 million of planned capital improvements in a month or soHirschfeld says. The capital improvement program will be overseenby Hirschfeld Properties as development manager. The buildings willbe receiving new elevators, lobbies, corridors and HVAC units. Unitupgrades will also be including fully upgraded kitchens andbathrooms and new balcony railings and glass. A newly constructedclubhouse will include leasing and business offices and astate-of-the-art fitness center for residents' use.

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The property is being rebranded and will be known as The GrandApartment Homes. "We look forward to restoring this storiedproperty, once known as the premier residential community in thearea, to its former glory and beyond," notes Hirschfeld.

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"The opportunity to acquire and implement a vigorous capitalimprovement and renovation program on a well-positioned butunder-performing property was very attractive to Dubai," AnthonyJuliano, head of Dubai Investment Group Real Estate, says in aprepared statement, adding that "value-add acquisitions ofproperties such as the Landmark Apartments fits Dubai's globalinvestment strategy."

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Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.