Kislak announces $24.7M sale of apartment community

The Kislak Company Inc. announced Wednesday the $27.4 million sale of an apartment community in Lindenwold.

The Stonington Court Apartments, located at 1800 Laurel Road, is situated on 24 acres and is comprised of 456-units in 24 two-story buildings.

Matt Weilheimer and Barry Waisbrod, senior vice presidents, arranged the deal on behalf of both the seller and the buyer, Coolidge Stonington Court LLC and a private investor, respectively.

“That fact that we sold this property twice in the last 12 years exemplifies how our clients rely on our market knowledge and analysis to advise and guide them on timing the real estate cycles properly,” Weilheimer said. “We resold the property for a 32 percent increase in value.”

“The purchaser feels strongly about the southern New Jersey multifamily market and has had a great deal of success there, which is why we recommended this particular deal for him,” Waisbrod said.

New financing was obtained by the buyer from New York Community Bancorp.