Kislak completes 7.65M sale of multifamily apartments in Merchantville

Woodbridge-based real estate sales firm The Kislak Co. Inc. announced Friday the $7.65 million sale of Mapleview Apartments, a 110-unit multifamily complex in Merchantville.The apartments have 26 one-bedroom and 84 two-bedroom apartments and are located within close proximity to the Cherry Hill Mall, Route 38, Route 70 and downtown Merchantville, the firm said.

“The market for multifamily properties remains very strong throughout New Jersey,” said Robert Holland, president and co-managing director.  “The local area, which includes Cherry Hill, is a strong Philadelphia submarket and we noticed a marked increase in demand among investors for properties in and around the area given its close proximity to Philadelphia, the lack of availability properties, high occupancies and increasing rents.”

“The seller engaged us on an exclusive basis,” Matthew Weilheimer, senior vice president who represented the seller, said in a prepared statement.  “The solid rental market and professionally managed building enabled us to market it widely and identify the right purchaser.”

“This is the purchaser’s first transaction with Kislak,” Joseph Keenan, vice president who represented the buyer, said in a prepared statement. “I am pleased that I represented the purchaser in their largest acquisition to date and look forward to working together again in the future.”

According to the announcement, financing was supplied by Berkadia.  The seller was represented by Leon D. Dembo Esq. of Dembo & Saldutti LLP located in Mount Laurel.  The purchaser was represented by James R. Lisa Esq. of Jersey City.

At the time of the closing, the firm said the property was 98 percent occupied.

ALSO ON NJBIZ:

Federally funded program helps N.J. hospitals reduce infections, other preventable complications

Small Business Week: A look at how some companies are surviving and thriving

Report: N.J. third-least tax friendly state in nation