Wednesday, July 11, 2012

Landings at Pine Lake Trade for $33M

"TGM Associates LP has sold the Landings at Pine Lake, a 520-unit multifamily complex at 98 Oak St. in Lindenwold, NJ, to Azure Capital Partners for a reported $33 million, or about $63,000 per door.

The two-story, 526,400-square-foot apartment community is comprised of 314 one-bedroom and 206 two-bedroom units spread across 47 buildings. The property boasts 91% occupancy with average monthly rents between $866 and $1,194, and features a clubhouse, fitness center, swimming pool, picnic area and tennis courts. In-unit amenities include a dishwasher, washer/dryer and fireplace."

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