Odin Properties Sells Lindenwold Apartment
“At just 4.1%, the Greater Philadelphia vacancy rate is considered ‘typical’ by local standards at the peak of a construction boom highly concentrated within Center City,” says Gebroe-Hammer's Eli Rosen.
LINDENWOLD, NJ—In the Metro Philadelphia apartment submarket, where the vacancy rate remains below the Northeast average, Gebroe-Hammer Associates arranged three multifamily sales, including the $32.1 million trade of Woodland Village, 401 E. Gibbsboro Rd., Lindenwold, NJ.
The brokerage team of senior vice president Eli Rosen and sales associate Eli Herskowitz exclusively represented the seller, Philadelphia-based Odin Properties, and procured the private buyer that established Woodland Village LLC to own the property, in the Camden West submarket sale. The sale price works out to about $58,791 per unit, according to Real Capital Analytics, a proprietary research database.
“At just 4.1%, the Greater Philadelphia vacancy rate is considered ‘typical’ by local standards at the peak of a construction boom highly concentrated within Center City,” says Rosen, who has been instrumental in expanding Gebroe-Hammer’s investment brokerage presence in the region. “Because of Center City’s employer appeal and its connectivity to the outer suburbs, adjacent bedroom communities are expected to end the year on a high note, with submarkets like Camden West projected to finish with occupancy rates at 97%-plus.”
Built in 1970, the 546-unit garden-style community features a mix of one- and two-bedroom layouts ranging from 670-829 square feet.
Among the property’s amenities are newly renovated kitchens and separate dining rooms, king-size bathrooms, bay windows, on-premises tennis courts and scenic woodland views. Nearby lifestyle amenities include shopping, dining, entertainment and recreational venues, access to the Lindenwold Station of the PATCO High Speed Line serving Philadelphia.
“The buyer was drawn to the property’s strategic southwest New Jersey location, just 17 miles from Philadelphia in the heart of this thriving, top-performing submarket,” says Herskowitz. “Value-add plans include a barbeque/picnic area and a children’s playground.”
Gebroe-Hammer also completed two sales involving four separate properties.
Within Philadelphia, Rosen exclusively represented the seller and procured the buyer in the $3.1 million trade of 42 units at 6300 Magnolia St. and 6323 Carnation St., occupying two city blocks in the Germantown section of Philadelphia. He also closed the sale of two outer-suburb Delaware County properties comprised of 16 apartment-rental units located at 1214 2nd St., and 7-11 and 13-19 Upland Ave. in the two boroughs of Eddystone and Upland, respectively.