WOODBRIDGE, N.J. — The Kislak Company, Inc., the dominant investment real estate sales firm in the tri-state region, announced the $7,650,000 sale of Mapleview Apartments, a 110-unit multifamily complex in Merchantville, New Jersey. Senior vice president Matthew Weilheimer represented the seller and vice president Joseph Keenan represented the purchaser.
Mapleview Apartments is an all-brick, well landscaped property with on-site parking. It includes 26 one-bedroom apartments and 84 two-bedroom apartments. The property includes new kitchen cabinets and appliances and presented upside potential upon completion of unit renovations to increase revenue. The property is conveniently located a short walk to downtown Merchantville, minutes from Cherry Hill Mall, less than one mile away from Route 38 and near Route 70, and a bus stop is in front of the property.
“The market for multifamily properties remains very strong throughout New Jersey,” said Robert Holland, president and co-managing director. “The local area, which includes Cherry Hill, is a strong Philadelphia submarket and we noticed a marked increase in demand among investors for properties in and around the area given its close proximity to Philadelphia, the lack of availability properties, high occupancies and increasing rents.”
“The seller engaged us on an exclusive basis,” said Weilheimer. “The solid rental market and professionally managed building enabled us to market it widely and identify the right purchaser.”
“This is the purchaser’s first transaction with Kislak,” said Keenan. “I am pleased that I represented the purchaser in their largest acquisition to date and look forward to working together again in the future.”
Financing was provided by Berkadia. The seller was represented by Leon D. Dembo, Esq. of Dembo & Saldutti LLP of Mount Laurel, New Jersey. The purchaser was represented by James R. Lisa, Esq. of Jersey City, New Jersey. At the time of closing, the property was 98% occupied.
Mr. Weilheimer joined Kislak in 1996 and has won numerous sales production awards at Kislak including the company’s 2010 Production Award.
Mr. Keenan joined Kislak in 2006 and was promoted to vice president in 2013. He won Kislak’s 2009 Rookie of the Year Award and was one of Real Estate New Jersey’s 30 under 30 in 2009.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, NJ, is recognized as the dominant investment sales firm serving the multifamily and retail markets. 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 25 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 108th year, Kislak was among a select group of firms recognized as a 2013 Power Broker by CoStar Group, Inc. for multifamily sales transactions in northern New Jersey and this was the firm’s eighth consecutive recognition.