Two garden-apartment complexes in South Jersey have traded for $15.1 million, the largest multifamily transaction in Vineland and Cumberland County since 2015, according to CoStar data.
The complexes have 152 total units and are located about a half-mile apart.
Regency Court is a two-story garden-apartment complex with a brick-and-siding exterior and 104-units on 4.5 acres. The property includes 72 one-bedroom units and 32 two-bedroom units. The unit amenities include individual climate control, private patios or balconies, and walk-in closets. The common areas include a courtyard and recently renovated laundry facilities.
Similarly, Chestnut Court is a two-story, brick garden-apartment complex. It has 48 units and is situated on 2.4 acres. The property includes four one-bedroom units and 44 two-bedroom units. Unit amenities include balconies, air-conditioning and hardwood floors. Complex amenities include a courtyard, playground and laundry facilities.
The properties are both in Vineland, a city in southeastern New Jersey with about 60,000 residents located 40 miles south of Philadelphia and 45 miles west of Atlantic City.
“The seller is a longtime professional who managed the properties well, and the properties’ financials improved throughout our marketing and sale process despite the pandemic,” Sweetwood said in a statement. “There was very strong demand among investors for these properties as soon as we were engaged by the seller. Given the demand, after only one day of tours, we received two non-contingent offers that ultimately exceeded the asking price.”
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