The Kislak Company Inc. announced recently the $24.5 million sale of a 326-unit multifamily portfolio in South Jersey.
The portfolio is comprised of:
- Regency House, a four-story apartment building with 195 one- and two-bedroom units, located at 304 Erial Road, Sicklerville;
- Upper Deerfield Estates, a single-story adult apartment complex with 67 two-bedroom apartments, located at 23 McCormick Blvd., Bridgeton;
- Polo Ridge Apartments, a two-story garden apartment complex with 64 one- and two-bedroom apartments, located at 1210 North Route 130, Burlington Township.
Justin Lupo, vice president, arranged the deal on behalf of the seller, Mercer Management, and procured the buyer, Westover Companies.
Doug Doerr of Northfield Bank arranged financing for Westover.
“The sale of the portfolio is a clear demonstration of the continued demand for value-add multifamily opportunities in today’s market,” Lupo said.
“The location of the properties provided the purchaser with an opportunity to acquire a value-add portfolio that fits strategically within their business model,” Lupo said.
Lupo said the Westover intends to invest significant capital into the properties to enhance them.