The Kislak Co. Inc. recently negotiated the sale of a 130-unit garden-style apartment complex in Vineland for $18.5 million.
Spring Gardens Apartments, located at 771 S. East Ave. in the Cumberland County municipality, was marketed on an exclusive basis, with Executive Vice President Joni Sweetwood handling the assignment on behalf of the seller, Kislak announced Oct. 19, and procuring the buyer.
Neither parties were disclosed; however, the seller was identified as a longtime client to whom Sweetwood has previously sold other properties in Vineland and elsewhere.
“This is a well maintained and well performing property with a strong history in a desirable location,” Sweetwood said in a statement. “Once we brought it to market, we immediately procured offers from several interested investors and ultimately sold the property for above the asking price further demonstrating the continued demand for multifamily properties in New Jersey.”
Sweetwood recently arranged an $8 million multifamily transaction in Essex County.
Spring Garden Apartments is a two-story complex that was built in 1974. Its 16 buildings offer one- and two-bedroom units with galley-style kitchens, high ceilings, oversized bedrooms, balconies/patios, walk-in closets, washer/dryer hookups, and updated kitchens and bathrooms in select residences situated on more than 13 acres. It’s located approximately 45 minutes from Philadelphia and Atlantic City.