Senior Vice Presidents Weilheimer and Waisbrod Arrange Sale of 456 Units for Repeat Clients
Woodbridge, N.J., July 11, 2018 – The Kislak Company, Inc. announced the $27,380,000 sale of Stonington Court Apartments, a 456-unit apartment complex located at 1800 Laurel Road, Lindenwold, New Jersey.
Senior vice presidents Matt Weilheimer and Barry Waisbrod arranged the sale on behalf of the seller and purchaser. The seller was Coolidge Stonington Court LLC, an affiliate of a longtime client for whom Kislak successfully arranged transactions in excess of $100 million in the last 12 years. The purchaser was a private investor and longtime client. This is the second transaction between the parties following a 368-unit sale in Westville, New Jersey.
Kislak previously sold Stonington Court in 2006 for $20,800,000.
“That fact that we sold this property twice in the last 12 years exemplifies how our clients rely on our market knowledge and analysis to advise and guide them on timing the real estate cycles properly,” said Weilheimer. “We resold the property for a 32% increase in value.”
“The purchaser feels strongly about the southern New Jersey multifamily market and has had a great deal of success there, which is why we recommended this particular deal for him,” said Waisbrod.
Situated on 25 acres of well-landscaped property, the garden style apartment complex consists of 456 units in 24 two-story, wood framed buildings with brick veneers and siding. Occupancy is nearly full at 97%.
The units, comprised of apartments and townhouses, feature individual interior entrances; kitchens fully equipped with frost-free refrigerators, garbage disposals, and dishwashers; spacious, walk-in California-type closet systems; wall-to-wall carpeting and individually controlled heat and central air conditioning.
Amenities include a swimming pool and sundeck; clubhouse; laundry rooms in each hallway entrance; washers and dryers in townhouses with 40-gallon electric water heaters; 24-hour maintenance, and approximately 500 parking spaces.
Lindenwold is considered a suburb of Philadelphia with nearby access to the retail corridor along Blackwood Clementon Road, Routes 42 and 30, Blackhorse Pike, the New Jersey Turnpike, Interstate 95 and New Jersey rail transit.
New financing was obtained by the buyer from New York Community Bancorp. At the time of closing, the property was 97% occupied.
Mr. Weilheimer joined Kislak in 1996 and is consistently among the firm’s leading salespeople. He specializes in the sale of apartment buildings, REO assets and other investment properties in New Jersey, New York, Delaware and Pennsylvania. Mr. Weilheimer has won numerous sales production awards including the firm’s 2010 and 2015 Production awards.
Mr. Waisbrod joined Kislak in 2001 and is also consistently among the firm’s leading salespeople. He specializes in the sale of investment properties in and around New Jersey. Waisbrod was the recipient of the firm’s 2013 and 2015 Sima Kislak Jelin Salesperson of the Year award.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s 30 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 112th year, Kislak was among a select group of firms recognized as a 2017 Power Broker by CoStar Group, Inc. and this was the firm’s twelfth consecutive recognition.
For more information about The Kislak Company, Inc., please contact Jason Pucci, Chief Operating Officer, at (732) 750-3000 or firstname.lastname@example.org