WOODBRIDGE, N.J. — The Kislak Company, Inc., the dominant investment real estate sales firm in the tri-state region, announced the $19,100,000 sale of Campus Crossing Apartments, a student housing complex with 328 units and 428 beds located at 515 Mullica Hill Road in Glassboro, NJ adjacent to Rowan University and 20 miles southeast of Philadelphia, PA.
President Robert Holland and senior vice president Matt Weilheimer represented the seller and vice president Barry Waisbrod represented the purchaser.
The seller is a private equity fund and the purchaser is a private investor and longtime Kislak client.
“The seller engaged us on an exclusive basis to market and sell the property given our successful history with it, our local market expertise and numerous apartment sales in and around New Jersey,” said Holland.
“We previously sold Campus Crossings in 2005,” said Weilheimer. “The property is the finest privately-owned student housing community in Glassboro, a short walk to Rowan University, and there was a great deal of interest in it given its size, condition and strategic location.”
Rowan University has undergraduate and graduate enrollment of over 12,000 students and is positioned for significant growth. The University predicts that its student population could double in 10 years as a result of its expansion plan.
“The purchaser believes strongly in the future growth of the University and development of Glassboro,” said Waisbrod. “The property is well-situated in a growing market.”
The property was constructed in 1968 and the seller recently completed renovations totaling more than $4,500,000. It includes 228 one-bedroom units and 100 two-bedroom units with capacity for 428 student beds in 10 buildings on over 18 park-like acres. Recent renovations include parking lot and exterior improvements, upgrades in 60% of the units and replacements of or upgrades to building mechanical systems.
“The property also offers upside potential through rent increases as further improvements are made and demand continues to increase,” added Holland.
Financing was provided by TD Bank, N.A.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, NJ, is recognized as the dominant investment sales company 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.