Cherry Hill complex sold; investor enters N.J. market

By Eric Strauss
Cherry Hill | Jan 10, 2018 at 12:25 pm

A luxury apartment complex in Cherry Hill has sold, according to Holliday Fenoglio Fowler L.P.

The Highlands at Cherry Hill Apartments, a complex that includes 170 units spread over 12 two-story buildings, was sold by Equity Residential to Friedkin Realty Group. The sale price was not disclosed.

An HFF investment advisory team included Jose Cruz and Mark Thomson, senior managing directors; Kevin O’Hearn, managing director; Stephen Simonelli and Carl Fiebig, senior directors; and Fran Coyne, director. The team represented the seller and procured the buyer.

“The property’s current occupancy of more than 97 percent, combined with its access to retail and superior amenities, made it a highly desirable investment for several public and private entities,” Cruz said in a prepared statement.

The Highlands at Cherry Hill Apartments, built in 2002, includes one-, two- and three-bedroom units.

“We were very encouraged by the activity on this transaction,” Thomson said in a statement. “Despite the smaller property size of 170 units, the market showed a strong interest from both institutional and private groups. … Ultimately, the deal was awarded to Friedkin Realty, a San Francisco-based firm and first-time buyer in the New Jersey and Philadelphia metropolitan statistical area.”

Eric Strauss | estrauss@roi-nj.com | estrauss