Just Closed: 3 Property Portfolio Trades Hands
West Deptford, NJ, June 18, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of the Gladiator Portfolio II, a three-property, 95-unit apartment portfolio located in Southern New Jersey for $5,695,000. The portfolio sale represents the second phase of a seven-property sale totaling 189 units. All seven properties are located in Burlington, Camden, and Gloucester counties.
Andrew Townsend and Clarke Talone, both first vice president investments, and Ridge MacLaren, senior vice president investments, in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, a limited liability company, who owned the property since the mid 2000s. The buyer was secured and represented by the team as well.
“The properties are comprised of older, well-occupied, garden-style properties located in solid neighborhoods close to Philadelphia. It is a great value add opportunity for the buyers,” said Talone. “The investment demand in South Jersey continues to grow,” said Townsend. “We are very active in South Jersey. Investors from out of the area are seeing value due to heightened pricing in the New York and Philadelphia markets.”
The Gladiator Portfolio II is comprised of three garden-style apartment communities, all located in Southern New Jersey. Westwood Court Apartments is a 40-unit property in West Deptford, East Browning Apartments is a 35-unit property in Bellmawr, and Town House Apartments is a 20-unit property located in Burlington. The properties provide well-maintained workforce housing in middle- to upper-income suburban towns. The portfolio has been historically fully occupied. The new owner has the opportunity to begin a renovation program and increase rents.
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About Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.