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The Kislak Co. Inc. arranged the sale of the latest phase of work at a new multifamily property in Mount Holly.

The Woodbridge-based commercial real estate agency announced the deal Nov. 18. Kislak arranged the $33.6 million sale on behalf of the seller, multiple affiliates of longtime client Fernmoor Homes of Jackson, and purchaser, affiliates of Universe Holdings.

At three stories, the newly constructed Mi Place at Rancocas sits on more than 5 acres. Built in two phases, 232 units rose in 2015 and another 108 apartments came online in 2022. Kislak handled the sale of the newest 108 units. According to the firm, the sale of the remaining apartments is scheduled to follow in early 2025.

Kislak Executive Vice President Barry Waisbrod handled the deal. The seller’s attorney was Stephen Kessler and the purchaser’s attorney was Joel Rosen. Financing was provided by Dwight Capital.

“Following completion of the property, the seller sought to execute its sales strategy, and we procured a purchaser eager to add to its East Coast portfolio,” Waisbrod said of the California-based buyer. According to the company’s website, Universe Holdings’ portfolio features one other New Jersey property: Mariners Cove in Toms River.

“There were various complexities with the transaction and each party and their teams worked diligently to resolve them until closing,” Waisbrod continued.

The 108-unit package at Mi Place consists of:

• 48 one-bedroom, 48 two-bedroom and 12 three-bedroom apartments
• Modern kitchens and bathrooms
• In-unit washers and dyers
• Walk-in closets
• Individual balconies

Community amenities available to both phases of the development include: a pool with clubhouse, business center, fitness center, sundeck, lounge, billiard room, a dog park and on-site parking

Located in South Jersey’s Burlington County, about 25 miles from Center City Philadelphia, Mi Place offers easy access to the New Jersey Turnpike, Routes 206 and 38, and Interstate 295. It is walking distance to downtown Mount Holly, which offers dining, shopping and entertainment options. Mount Holly is also considered a National Main Street Center, a subsidiary of the National Trust for Historic Preservation.