Indian Oaks Apartments, a 44-unit multifamily property at 6200 Old Harding Highway in Mays Landing, recently sold for $5.85 million, according to an announcement from the Woodbridge-based Kislak Co.
Kislak Executive Vice President Joni Sweetwood handled the assignment and also procured the purchaser, Indian Oaks Manor LP.
Kislak marketed the property on an exclusive basis on behalf of the longtime owner, Indian Oaks Apartments LLC, which had owned the property for nearly 30 years.
“The offering presented an attractive investment opportunity to acquire a well-performing property consisting of mostly townhouses with many recent improvements, upside potential and development potential on 40-plus acres in Atlantic County not far from Atlantic City International Airport,” Sweetwood said.
Indian Oaks Apartments consist of 11 buildings with 44 apartments and townhouses on 40.924 acres. Tenants are responsible for all utilities except water. The unit mix includes 10 one-bedroom apartments, six two-bedroom apartments and 28 two-bedroom townhouses. The property includes many recent capital improvements — new roofs, HVAC systems, kitchens and appliances.
Located across from Lake Lenape, which offers boating, camping, hiking and many other recreational activities, Indian Oaks Apartments is situated in an unincorporated and census-designated place within Hamilton Township in central Atlantic County. It is near Stockton University, shopping and major highways and approximately 12 miles from Atlantic City International Airport, 20 miles northwest of Atlantic City and 50 miles southeast of Philadelphia.
