Kislak brokers two Vineland apartment complex sales totaling $15.1M

A pair of multifamily properties in Vineland have sold for a combined $15.1 million, according to real estate firm the Kislak Co. Inc.

Regency Court, at 752 S. East Ave., and Chestnut Court, at 729 E. Chestnut Ave., combine for 152 units, the firm said in a news release. Both are two-story garden apartment complexes, with Regency Court having 72 one-bedroom and 32 two-bedroom units, and Chestnut Court having four one-bedroom units and 44 two-bedroom units.

Kislak marketed the properties on an exclusive basis, with Joni Sweetwood, executive vice president, handling the assignment on behalf of the undisclosed seller — a longtime client of the firm that worked with Sweetwood on its 2006 purchase of the properties. Sweetwood also procured the undisclosed buyer, another longtime client.

“The seller is a longtime professional who managed the properties well, and the properties’ financials improved throughout our marketing and sale process despite the pandemic,” Sweetwood said in a prepared statement. “There was very strong demand among investors for these properties as soon as we were engaged by the seller. Given the demand, after only one day of tours, we received two noncontingent offers that ultimately exceeded the asking price.”