Commercial real estate investment services firm Marcus & Millichap on July 11 announced the sale a three-property, 95-unit apartment portfolio in South Jersey.
Gladiator Portfolio II, the second phase of a seven-property sale totaling 189 units located in Burlington, Camden and Gloucester counties, sold for about $5.7 million.
The historically occupied portfolio is made up of three garden-style developments: Westwood Court Apartments, a 40-unit property in West Deptford; East Browning Apartments, a 35-unit property in Bellmawr; and Town House Apartments, a 20-unit property in Burlington.
Andrew Townsend and Clarke Talone, both first vice presidents of Investments, and Senior Vice President of Investments Ridge MacLaren from M&M’s Philadelphia office had the exclusive listing to market the property on behalf of the seller, an unnamed limited liability company. The team also secured and represented the unnamed buyer, as well.
In a statement, Talone described the deal as a “great value add opportunity for the buyers.”
“The investment demand in South Jersey continues to grow,” said Townsend. “We are very active in South Jersey. Investors from out of the area are seeing value due to heightened pricing in the New York and Philadelphia markets.”