Tuesday, July 30, 2019

Westover Cos. Buys South Jersey MF Portfolio for $25M

by John Jordan Globest.com
The Westover Companies of King of Prussia, PA has acquired a three-property multifamily portfolio in Camden, Cumberland and Burlington counties in South Jersey for $24.5 million.

The off-market transactions that involved a total of 326 units were reported by brokerage firm. The seller was Mercer Management. Northfield Bank arranged financing for the purchaser.
The three properties that traded included the 195-unit Regency House at 304 Erial Road in Sicklerville, Camden County; Upper Deerfield Estates (67 units) at 23 McCormick Boulevard in Bridgeton, Cumberland County and Polo Ridge Apartments (64 units) at 1210 North Route 130 in Burlington Township, Burlington County.

“The sale of the portfolio is a clear demonstration of the continued demand for value-add multifamily opportunities in today’s market. Both parties had incentive to act and the transaction proceeded smoothly to closing.”
Regency House is a four-story brick, mid-rise apartment building located approximately 10 miles from Philadelphia. Amenities include elevator service to each floor, spacious units each with a private porch, patio or balcony, and central heating and air conditioning.

Upper Deerfield Estates is a single-story active adult apartment community approximately 15 miles from both Wilmington, DE and Atlantic City. Amenities include central air conditioning, in-unit washer and dryer, and private entrances.

Polo Ridge Apartments is a two-story brick garden apartment complex located approximately 10 miles from Philadelphia. Amenities a patio or balcony, individually controlled heating and cooling units, and ample closet space.
“The location of the properties provided the purchaser with an opportunity to acquire a value-add portfolio that fits strategically within their business model in a multitude of ways. The purchaser intends to invest significant capital into the properties in order to enhance them. “

He says that Mercer Management’s focus has shifted to new developments at the Jersey Shore, including the recently completed Hotel LBI on Long Beach Island.

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