The Kislak Co. Inc. on Aug. 4 announced the recent sale of three multifamily properties that total $9,025,000.
The properties include East Park Apartments at 1045-1047 E. Park Ave. in Cumberland County’s Vineland, with 41 units; the Farrell Place Manufactured Home Community at 1205 Farrell Ave. in Cherry Hill in Camden County, with 30 mobile home park lots; and 17 Lenox Ave. in Essex County’s East Orange, with 17 units.
Kislak marketed the properties on an exclusive basis with Executive Vice President Joni Sweetwood handling the assignments, and procuring the purchasers–all private investors.
East Park Apartments is a three-story brick complex with 41 large units and a house. It sold for $3,950,000 to a repeat client who recently purchased 152 nearby apartments from Kislak and Sweetwood and will benefit from significant upside in the rents. Financing was provided by Kearny Bank.
The Farrell Place Manufactured Home Community in Cherry Hill sold for $2,475,000. The property is bordered on two sides by Cooper River Park and includes a stable tenancy with some long-term tenants in residence for more than 40 years. Tenants pay for all of the maintenance of their lots, thereby requiring no management or maintenance by the owner.
“Mobile home parks can have superior returns to apartments without certain management headaches as there are no buildings to maintain,” Sweetwood commented. “The purchaser acquired an attractive investment in an upscale area near the Cherry Hill Marketplace and all major highways.” Financing was provided by Investors Bank.
The East Orange property sold for $2,600,000 and was described by Sweetwood as “a value-add deal due to below market rents.” The five-story brick building boasts many recent renovations, including a rebuild of an entire staircase and full upgrade to the common area–inclusive of marble and plank flooring, new walls and ceilings, windows and lighting. Throughout the property and units numerous windows and doors were replaced. Financing was provided by New York Community Bank.d