S.V.P. Barry Waisbrod Arranges Second Record Sale of 197 Units since 2017
Woodbridge, N.J., March 18, 2019 – The Kislak Company, Inc. announced the $14,300,000 sale of Laura’s Glen Apartments, a 10-building apartment complex with 197 units in Pennsville, Salem County, New Jersey.
Kislak marketed the property on an exclusive basis on behalf of the seller Laura’s Glen DE1, 2 and 3, LLC with senior vice president Barry Waisbrod handling the assignment. He also procured, the purchaser, Capital MG, LLC. Mr. Waisbrod commented: “The buyer is very active in the southern New Jersey market and sees much opportunity and long-term potential in attractive complexes with smart upgrades and management.”
In mid-2017, Kislak previously arranged the $12,150,000 off-market sale of the property with Mr. Waisbrod representing the purchaser. Both sales are the two largest sales of a multifamily property ever in Salem County based on data available from CoStar.
Built over a two year period from 1976-1978, the two-storied brick and vinyl buildings feature 144 one-bedroom, 48 two-bedroom, and 4 three-bedroom spacious units with private patio and balconies. A new leasing office and model apartment are also onsite and offer five unique floor plans for the one and two-bedroom units.
Amenities include on-site laundry and storage facilities, 300 parking spaces plus ample off-street parking, a swimming pool and on the interior, fully-equipped kitchens, wall-to-wall carpeting, large closets, and individual central A/C units. Recent upgrades include all new roofs, all new siding, with 65% of terraces having been renovated.
Surrounded by woods and grassy open spaces, the apartments are situated in a scenic area close to schools, local eateries, shopping, wildlife preserves and Fort Mott State Park.
Situated on over 17 acres of land, the complex is located just four miles off the New Jersey Turnpike on Route 49 and is only minutes away from the Delaware Memorial Bridge and 15 minutes from Wilmington, Delaware.
Mr. Waisbrod joined Kislak in 2001 and is consistently among the firm’s leading salespeople. He specializes in the sale of investment properties in and around New Jersey. Mr. 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 35 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 113th year, Kislak was among a select group of firms recognized as a 2018 Power Broker by CoStar Group, Inc. and this was the firm’s thirteenth consecutive recognition.