Wednesday, November 18, 2015

HGI Pays $89.5M for The Grand Cherry Hill Apts

Eurohypo AG New York and AREA Property Partners sold the 565-unit The Grand Cherry Hill Apartment Homes at 1900-1920 Frontage Rd. in Cherry Hill, NJ to Harbor Group International (HGI) for $89.5 million, or about $158,000 per unit.

The 18-story, 600,000-square-foot high-rise consists of studios, one-, two-, and three-bedroom units across two towers, each with its own fitness center. The multifamily property was built in 1969, renovated in 2009 and was 94 percent occupied at the time of sale.

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