MERCHANTVILLE, NJ—Noting rising demand and little availability for multifamily properties within the Philadelphia submarket, The Kislak Company said it sold a 110-unit apartment building here in short order.
Kislak's Matthew Weilheimer represented the seller and Joseph Keenan represented the purchaser of the Mapleview Apartments. Neither party was identified.
The complex has 26 one-bedroom and 84 two-bedroom apartments. New kitchen cabinets and appliances were recently installed and the brokers said the property presented “upside potential” for higher rents when renovations are completed.
MapleView Apartments are within walking distance of downtown Merchantville, close to Cherry Hill Mall and Route 70 and Route 38. A bus stop is located in front of the property.
“The market for multifamily properties remains very strong throughout New Jersey,” said Robert Holland, president and co-managing director of Kislak. “We noticed a marked increase in demand among investors for properties in and around the area, given its close proximity to Philadelphia, the lack of availability properties, high occupancies and increasing rents.”
At the time of closing, the property was 98% occupied.
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