The Kislak Company on Friday announced that it recently sold 108 units at Mi Place at Rancocas in Mount Holly for $33,600,000.
Kislak arranged the sale on behalf of the seller, multiple affiliates of Fernmoor Homes, a longtime client, and the purchaser, affiliates of California-based Universe Holdings.
Mi Place at Rancocas is a newly constructed, three-story apartment complex on over five acres. The property was built in two phases with 232 units constructed in 2015 and 108 units constructed in 2022. This recent sale was for the 108 units and the sale of the remaining 232 units is scheduled to follow in early 2025.
“Following completion of the property, the seller sought to execute its sales strategy, and we procured a purchaser eager to add to its East Coast portfolio. There were various complexities with the transaction and each party and their teams worked diligently to resolve them until closing,” Kislak’s Barry Waisbrod said.
The 108 units consist of 48 one-bedroom apartments, 48 two-bedroom apartments and 12 three-bedroom apartments with modern kitchens and bathrooms, in-unit washers and dryers, walk-in closets, and individual balconies.
Community amenities across both phases of the property include a pool with clubhouse, business center, fitness center, sundeck, lounge, billiard room, a dog park, and on-site parking.
The property is located in northwestern Burington County 25 miles from Center City Philadelphia. It offers easy access to Interstate 95 (the New Jersey Turnpike), Routes 206 and 38, and Interstate 295. The property is within walking distance of downtown Mount Holly with dining, shopping, and entertainment offerings. The township’s Main Street is considered a National Main Street Center, a subsidiary of the National Trust for Historic Preservation.
The seller’s attorney was Stephen Kessler, Esq., and the purchaser’s attorney was Joel Rosen, Esq. Financing was provided by Dwight Capital.
