V.P. Justin Lupo Arranges Off-Market Sales in Camden, Burlington & Cumberland Counties
Woodbridge, N.J., June 24, 2019 –The Kislak Company, Inc. announced the recent off-market sale of a 326-unit multifamily portfolio in southern New Jersey for $24,500,000. The portfolio consists of the following properties.
- Regency House with 195 units located at 304 Erial Road in Sicklerville, Camden County;
- Upper Deerfield Estates with 67 units located at 23 McCormick Boulevard in Bridgeton, Cumberland County; and
- Polo Ridge Apartments with 64 units located at 1210 North Route 130 in Burlington Township, Burlington County.
Vice president Justin Lupo arranged the sale on behalf of the seller, Mercer Management, and also procured the purchaser, Westover Companies, which is a longtime client, for the portfolio. Doug Doerr of Northfield Bank arranged financing for the purchaser.
“The sale of the portfolio is a clear demonstration of the continued demand for value-add multifamily opportunities in today’s market,” said Mr. Lupo. “Both parties had incentive to act and the transaction proceeded smoothly to closing.
“The location of the properties provided the purchaser with an opportunity to acquire a value-add portfolio that fits strategically within their business model in a multitude of ways,” added Mr. Lupo. “The purchaser intends to invest significant capital into the properties in order to enhance them. The seller’s focus has shifted to new developments at the Jersey Shore, including the recently completed Hotel LBI on Long Beach Island.”
Regency House is a four-story brick, mid-rise apartment building with 195 one- and two- bedroom apartments. It is located approximately 10 miles from Philadelphia. Amenities include elevator service to each floor, spacious units each with a private porch, patio or balcony, and central heating and air conditioning.
Upper Deerfield Estates is a single-story active adult apartment community with 67 two-bedroom apartments. It is located in southern New Jersey approximately 15 miles from both Wilmington, DE and Atlantic City. Amenities include central air conditioning, in-unit washer and dryer, and private entrances.
Polo Ridge Apartments is Two-story brick garden apartment complex with 64 one- and two- bedroom apartments. It is located approximately 10 miles from Philadelphia. Amenities a patio or balcony, individually controlled heating and cooling units, and ample closet space.
Justin Lupo joined Kislak in 2014 and specializes in the sale of multifamily and other investment properties in New Jersey and eastern Pennsylvania. He was the recipient of the firm’s 2015 Rookie of the Year award and 2018 Sima Kislak Jelin Salesperson of the Year award. Mr. Lupo has become one of Kislak’s leading salespeople with investment sales totaling more than $250 million.
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.