Wednesday, December 15, 2010

Emerald Ridge Apartments Trade for $13.5M

"New York Community Bancorp, Inc. sold the Emerald Ridge Apartments to Trent Court Realty Holding Company for $13.5 million, or $35,904 per unit, in an REO transaction.

Located at 101 E. Gibbsboro Rd. in Clementon, NJ, the two-story, 28-building property was delivered in 1972 on 25 acres with on-site parking. The 376-unit complex is comprised of 108 one-bedroom units, 122 one-bedroom with a den, and 146 two-bedroom units. Some of the amenities include air conditioning, balconies and patios, and dishwashers.

The occupancy rate was approximately 70 percent at the time of sale, and the property required more than $1 million in capital improvements."

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