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MARLTON, NJ-The Scully Co. of Jenkintown, PA, a well-known multifamily property owner in the Pennsylvania/South Jersey market, has picked up the 360-unit Hunters Chase Apartments here for a price tag of $37 million. The sale price factors out to almost $103,000 per unit of the luxury rental complex.

The seller of Hunters Chase was Midwest Holdings #18, LLC, an investment group which was represented in the transaction by two different groups within CB Richard Ellis. Jeff Dunne and Jim Tully of the CB Richard Ellis Tri-State Investment Team of Paramus, NJ and Stamford, CT collaborated with John McFadden and Robert Miller, a senior CBRE multi-housing sales team that is based in the company’s suburban Philadelphia office. JP Morgan Fleming Asset Management also advised the seller.

The CBRE team also secured the buyer, which structured its acquisition in conjunction with GMAC. No further details of the transaction were released.

“Interest in multifamily assets in the region is still extremely high despite increased vacancies in some markets,” according to Dunne. “In particular, the barriers to entry into the market gave the buyer confidence in the future performance of this asset.”

Hunters Chase, which sits on 60 wooded acres in South Jersey, was built in the late 1980s and includes an extensive amenity package for its residents. Its offering on the market drew a substantial amount of interest, according to officials.

“Scully was selected as the buyer based on their knowledge of the market,” says Peter Nicoletti, VP and director of dispositions for JP Morgan Fleming Asset Management. “They were also selected because of our comfort level with both their firm and with GMAC.”

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