Tuesday, December 8, 2015

Inverness Apartments Sold Again, This Time for $27.3M

by Steve Lubetkin, Globest.com
The Inverness Apartments in Westville, Gloucester County, NJ have been sold in an off-market transaction for $27.3 million.

“The market for multifamily properties remains very strong throughout New Jersey and the region,” says Robert Holland, president. "The purchaser was eager to acquire such a large and well-performing property in suburban Philadelphia.”

The 368-unit property includes 256 one- and 112 two-bedroom garden-style apartments in 45 buildings on 31.6 acres. The property is located near public transportation, schools, and shopping. Amenities include an on-site clubhouse, pool, tennis court, and laundry facilities.

The units are fully-equipped with modern kitchens, central air-conditioning, separate dining rooms, large closets, 24-hour emergency maintenance, and either balconies or patios. Select units also include fireplaces. Over sixty percent of the tenant HVAC units have been replaced over the past two years. Siding and windows were replaced in 1999.

“The asset appreciated over 250%,” since the last sale in 1999.  This is a classic example of owners applying strong management principles to generate increased value.”

“We are seeing an influx of New York-based investors and purchasers in New Jersey that see the opportunities in the multifamily market."

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