S.V.P. Team Arranges Sale of 123 Units in eastern Pa. and southern N.J.
Woodbridge, N.J., May 14, 2020 – The Kislak Company, Inc. announced the recent sale of 123 residential units in three apartment complexes in Delaware County, Pennsylvania and Camden County, New Jersey for a total of $6,350,000.
The Pennsylvania properties include Colwyn Apartments at 300 Main Street in Colwyn and The Ashby at 6830 Ludlow Street in Upper Darby that sold for $1,550,000 and $2,300,000, respectively. The New Jersey property is Foxcroft Apartments at 440 North Black Horse Pike in Blackwood that sold for $2,500,000.
Kislak marketed Colwyn Apartments and The Ashby on behalf of the same seller with senior vice president Matt Weilheimer leading the assignment. Mr. Weilheimer also procured the purchaser, a longtime Kislak client. “The purchasers of the properties recognized the value-add potential with significant upside in rents,” said Mr. Weilheimer.
With the sale of Foxcroft Apartments, Mr. Weilheimer teamed up with senior vice president Joseph Keenan on behalf of the seller and senior vice president Robert Squires in procuring the purchaser. “This property also was a value-add opportunity and the transaction involved a seller and purchaser who are longtime Kislak clients and who, over the course of the transaction, witnessed dramatic pricing increases in southern New Jersey.”
The properties consists of two garden-style apartment buildings containing 34 residential units at Colwyn Apartments; 48 one- and two-bedroom units in a four-story building at The Ashby; and 40 one-bedroom apartments in two, two-story garden-style buildings at Foxcroft Apartments.
The properties offer convenient access to both Philadelphia International Airport and the city of Philadelphia in under a half hour via SEPTA Regional Rail and Bus. Routes 76 and 42 allow easy access to Philadelphia in a similar timeframe for New Jersey residents at Foxcroft.
Mr. Weilheimer joined Kislak in 1996 and is consistently among the firm’s leading salespeople. He specializes in the sale of apartment buildings, REO assets and other investment properties in New Jersey, New York, Delaware and Pennsylvania. He has won numerous sales production awards including the firm’s 2010 and 2015 Production awards.
Mr. Keenan joined Kislak in 2006 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. He received the firm’s Rookie of the Year award in 2008, was promoted to a vice president in 2012 and a senior vice president in 2019.
Mr. Squires joined Kislak in 2003 and specializes in the sale of multifamily and other investment properties throughout New Jersey. He received Kislak’s 2017 and 2016 Sima Kislak Jelin Salesperson of the Year award and its 2017 Producer of the Year award. Also in 2017, Squires earned the historic distinction of becoming Kislak’s all-time leading salesperson in any calendar year in the firm’s then 111-year history.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm 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 114th year, Kislak was among a select group of firms recognized as a 2019 Power Broker by CoStar Group, Inc. and this was the firm’s 14th consecutive recognition.