A 108-unit multifamily property in Vineland recently traded for $12,000,000, according to an announcement from The Kislak Company.
Located at 51 West Chestnut Ave, and built in 1952, Park Towne Apartments consists of nine buildings on 2.31 parklike acres. The unit mix includes 63 one-bedroom units, 36 two-bedroom units, two two-bedroom units with terraces and a rental office. Apartment features include air conditioning, modern kitchens, hardwood floors and high-speed Internet access. Community amenities include laundry facilities and on-site parking.
Kislak marketed the property on an exclusive basis on behalf of the longtime owner and client, Park Towne Apts, LLC. Executive vice president Joni Sweetwood handled the assignment and also procured the purchaser, Park Towne Apartments, LLC, an affiliate of a longtime client.
Sweetwood commented, “The offering presented an attractive opportunity to acquire a well performing and fully occupied property in a strong rental market and our marketing generated robust interest among investors. The purchaser owns in the market, was eager to expand its presence there and I previously arranged other local sales between the parties so the transaction went smoothly despite financing challenges given interest rate fluctuations.”
The property is ideally centrally located near schools, shopping, and public transportation. Vineland is a city in southeastern New Jersey with approximately 60,000 residents located 40 miles south of Philadelphia and 45 miles west of Atlantic City.
Financing was provided by Fannie Mae.
