208-Unit Apartment Hits Market for $13M

BELLMAWR, NJ-Bellmawr Manor, a 208-unit apartment complex, is on the market for sale with an asking price of $12.8 million, or just less than $61,300 per unit. Located on 8.4 acres at 1020 Kings Hwy., the property consists of a dozen two-story buildings totaling 140,225 sf, including 141 one-bedroom and 67 two-bedroom units. The location is near the Walt Whitman Bridge to Philadelphia.

And Marcus & Millichap has picked up the exclusive to find a buyer. Donald R. MacLaren, an investment specialist and director of the firm’s National Multi Housing Group in Philadelphia, and Nat Gambuzza, a senior associate and associate director of the firm’s NMHG in Elmwood Park, NJ are heading the assignment.

“It represents an opportunity to buy a well-maintained multifamily property in a market with high barriers to entry,” Gambuzza says. “With attractive financing available, a new owner could maximize the property’s value and add potential by renovating the units.”

The identity of the current owner was not released. However, records obtained by GlobeSt.com identify the owner as Bellmawr Equities LLC, a local group that acquired the property in mid-2002 for just less than $6.4 million.