Gebroe-Hammer Associates has arranged a $7.5 million apartment sale in Lindenwold, it announced Thursday.
The real estate services firm said in a news release that ARD Lindenwold LLC sold the 148-unit Summit Place garden-style complex located at 411 E. Gibbsboro Road to an undisclosed private investor.
Gebroe-Hammer Vice President Adam Zweibel exclusively represented the seller and procured the buyer in the deal.
“Known as a friendly, close-knit community with tree-lined streets and scenic woodland areas, Lindenwold is emerging as an enclave for single millennial and established, executive-level out-commuters,” Zweibel, a Central and South Jersey area market specialist, said. “For the same reasons the tenant base is drawn to this emerging submarket — extensive highways, the nearby Lindenwold Station transit center, convenient lifestyle services — so are experienced investors.”
Summit Place, built in 1971, recently underwent a comprehensive set of capital improvements.
“The sale of Summit Place illustrates how investment demand is tightening its grip within the Camden West apartment market, particularly when it comes to existing, well-maintained, 1970s-era product,” Zweibel said.