Mt. Holly, NJ
Property Type: MultifamilySize: 340 Units
Price: See Broker for Details
CAP: See Broker for Details
Highlights:
- 340-Unit Multifamily Community Located in Mt. Holly, Burlington County, NJ
- Recently Constructed:
- Phase 1 in 2014-2017 (232 Units - 228 Apartments + 4 Townhouses)
- Phase 2 in 2023 (108 Units - 96 Apartments + 12 Townhouses) - Recently Stabilized at 92.5% Occupancy
- Value-Add Opportunity: Phase 1 Rents are $200-300 Below Phase 2 Rents
- Property Does Not Have Rent Control - All Units are Market Rate
- Large Units Average ~1,000 SF
- Full Amenity Package, Including Clubhouse and Swimming Pool
- Long-Term 30-Year PILOT (Payment In Lieu Of Taxes) Agreement on Both Phases
- Assumable HUD Mortgage at 2.75% Interest Rate (Matures 7/1/2056)
Description:
CLICK HERE TO VIEW THE DEAL ROOM: WWW.MIPLACEMTHOLLY.COM
Marcus & Millichap is pleased to present for sale to qualified investors Mi-Place at West Rancocas - A 340-unit multifamily community located in Mount Holly, Burlington County, New Jersey. This extensive development offers a unique blend of one- and two-bedroom apartments, as well as three-bedroom townhouses.
The community was completed in two phases. All together, the two phases total 340 units and more than 324,000 square feet.
- Phase 1: Mi-Place 232
- Completed from 2014-2017
- Comprised of 232 units (228 apartments + 4 townhouses)
- Phase 2: Mi-Place 108
- Completed in 2023
- Comprised of 108 units (96 apartments + 12 townhouses)
- Recently Stabilized at 92.5% Occupancy
Units feature a full appliance package, full-size front-loading energy-efficient washer and dryer, individual balconies, open floor plans, and dens and office nooks. As the units in Phase 1 were constructed between 6-9 years ago, there is a value-add component that could be capitalized upon. A new investor has the opportunity to update older units in order to increase rents to be more in-line with the market.
The community has a full amenity package, including clubhouse with resident lounge and fitness center, game/billiards room, swimming pool with barbecue area, and a dog park.
Mi-Place at West Rancocas is conveniently located with excellent connectivity to surrounding cities. It is strategically located near major highways, including I-295, the New Jersey Turnpike, and Route 541, providing easy access to Philadelphia, New York City, and other regional hubs.
Mi-Place at West Rancocas represents an excellent risk-adjusted asset in a strong Southern New Jersey location. There is assumable HUD debt available at a fixed 2.75% interest rate. With Mi-Place 108 recently stabilized, a new owner can secure a long-term, fixed, blended interest rate on both phases that is significantly below-market. Additionally, both phases have long-term PILOT (Payment In Lieu Of Taxes) agreements, which shelters an owner against any tax increases or re-assessments.
CLICK HERE TO VIEW THE DEAL ROOM: WWW.MIPLACEMTHOLLY.COM
