Kislak Re-Sells Laura’s Glen Apartments in Pennsville, NJ For $14M
Kislak senior vice president Barry Waisbrod brokered the last sale of the property in 2017, also at a record price level.
PENNSVILLE, NJ—Three limited liability corporations associated with Lakewood investor Asher Handler have sold Laura’s Glen Apartments, a 10-building apartment complex with 197 units in Pennsville, Salem County, NJ to Capital MG for $14.3 million, or $72,589 per unit.
The Kislak Company marketed the property on an exclusive basis on behalf of the seller Laura’s Glen DE1, 2 and 3, with senior vice president Barry Waisbrod handling the assignment. The seller’s ownership was identified through Real Capital Analytics, a proprietary research database tracking commercial real estate transactions.
Waisbrod also identified the purchaser, Capital MG.
“The buyer is very active in the southern New Jersey market and sees much opportunity and long-term potential in attractive complexes with smart upgrades and management,” says Waisbrod.
In March 2017, Kislak previously arranged a $12.15 million off-market sale of the property to Handler. Both the current sale and the 2017 transaction are among the largest multifamily deals ever in Salem County.
Built over a two-year period from 1976-1978, the two-storied brick and vinyl buildings feature 144 one-bedroom, 48 two-bedroom, and 4 three-bedroom spacious units with private patio and balconies. A new leasing office and model apartment are also onsite and offer five unique floor plans for the one and two-bedroom units.
Amenities include on-site laundry and storage facilities, 300 parking spaces plus ample off-street parking, a swimming pool and on the interior, fully-equipped kitchens, wall-to-wall carpeting, large closets, and individual central A/C units. Recent upgrades include all new roofs, all new siding, with 65% of terraces having been renovated.
Surrounded by woods and grassy open spaces, the apartments are situated in a scenic area close to schools, local eateries, shopping, wildlife preserves and Fort Mott State Park.
Situated on over 17 acres of land, the complex is located just four miles off the New Jersey Turnpike on Route 49 and is only minutes away from the Delaware Memorial Bridge and 15 minutes from Wilmington, DE.