WOODBRIDGE, N.J. – The Kislak Company Inc. announced the recent $27,300,000 off-market sale of Inverness Apartments in Westville, Gloucester County, New Jersey. Senior Vice president Matt Weilheimer and vice president Barry Waisbrod together represented the purchaser.
“The market for multifamily properties remains very strong throughout New Jersey and the region,” said Robert Holland, president. “Matt and Barry did an excellent job procuring the purchaser, who was eager to acquire such a large and well-performing property in suburban Philadelphia.”
The 368-unit property includes 256 one- and 112 two-bedroom garden-style apartments in 45 buildings on 31.6 acres. The property is located near public transportation, schools, and shopping. Amenities include an on-site clubhouse, pool, tennis court, and laundry facilities.
The units are fully-equipped with modern kitchens, central air-conditioning, separate dining rooms, large closets, 24-hour emergency maintenance, and either balconies or patios. Select units also include fireplaces. Over sixty percent of the tenant HVAC units have been replaced over the past two years. Siding and windows were replaced in 1999.
“This is the third time Kislak sold the property since 1999,” said Weilheimer. “The asset appreciated over 250% during that time. Our clients look to us for guidance in evaluating investment opportunities. This is a classic example of owners applying strong management principles to generate increased value.”
“We are seeing an influx of New York-based investors and purchasers in New Jersey that see the opportunities in the multifamily market,” said Waisbrod.
Mr. Weilheimer joined Kislak in 1996, is consistently among the company’s leading salespeople, and has won numerous sales production awards at the company including the 2010 Production Award.
Barry Waisbrod joined Kislak in 2001, is also consistently among the company’s leading salespeople and was the recipient of the company 2013 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 109th year, Kislak was among a select group of firms recognized as a 2014 Power Broker by CoStar Group, Inc. for multifamily sales transactions in northern New Jersey and this was the firm’s ninth consecutive recognition.