X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(Read more on the multifamily market.)

BLACKWOOD, NJ-A joint venture group led by Empire Realty Investments has closed on the acquisition of the 980-unit garden apartment community at 1501 Little Gloucester Rd. in this South Jersey township. The final sale price of $51 million factors out to just more than $52,000 per unit.

The seller was Fountainview Village LP, a local partnership. With the change in ownership, the name of the community is having its name changed from Fountainview Village to Autumn Ridge Apartments. A capital improvement program is also on tap for the 25-year-old complex.

“For a variety of reasons, the complex has experienced a high vacancy rate over the years,” says Michael Pearlstein, president of the Philadelphia-based Empire Realty Investments. “But because of its phenomenal location, well-built construction and amenity package, we saw a significant opportunity to enhance the value of the property by investing in upgrades and management.”

The location is near I-295, the New Jersey Turnpike and the Atlantic City Expressway connecting that gaming mecca to Metro Philadelphia. And the amenity package includes, among other things, a fitness center, clubhouse, Olympic-sized swimming pool and other recreational features. Located on a 52-acre site, the four-story complex adds up to a total of approximately 800,000 sf of building space.

As reported by GlobeSt.com, the previous ownership had picked up a $41.4-million first mortgage on the complex just more than two years ago. Past troubles included a fire affecting some 48 units, which occurred during the closing process on that loan.

With its participation in the joint venture acquiring the property, Empire now has interests in a total of four million sf and 1,000 acres of residential, retail and office properties, mostly in Metro Philadelphia. The residential portion of that portfolio adds up to approximately 3,500 units. The other partners in the joint venture were not identified.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.