Kislak sells Pennsville apartment complex for $16M

The Kislak Co. on Tuesday said it recently sold Orchard Court Apartments in Pennsville for $16 million — the highest price ever achieved for a multifamily property in Salem County, according to data available from CoStar.

Located at at 1000 Carroll Ave., the 156-unit multifamily property was sold off market, with Chief Operating Officer Jason Pucci and Senior Vice President Justin Lupo representing the seller, Orchard Court Associates, an affiliate of the Kamson Corp. Executive Vice President Barry Waisbrod represented the purchaser, Orchard Court Apartments LLC.

At the time of closing, the property was 97% occupied.

“This sale was an excellent opportunity for our clients,” Pucci said. “The seller is in the process of exchanging into two new properties in New Jersey, and the purchaser added to its growing portfolio of properties in the Northeast and mid-Atlantic with the purchase of this value-add property.”

Constructed in 1963, Orchard Court Apartments is a brick garden apartment complex with 10 buildings on 14.2 acres. The unit mix includes four studios, 96 one-bedroom units and 56 two-bedroom units. Amenities include on-site parking, a swimming pool, private balconies or patios, and laundry facilities.

The seller’s attorney was Allen Popowitz of Brach Eichler LLC and the purchaser’s attorney was Aaron Schlusselberg of the Law Offices of David Fleischmann P.C.