E.V.P. Barry Waisbrod Arranges Sale of 108 New Units in Burlington County

Woodbridge, N.J., November 18, 2024 – The Kislak Company, Inc. announced the recent sale of 108 units at Mi Place at Rancocas at 1 Foundry Boulevard in Mount Holly, Burlington  County, New Jersey for $33,600,000.

Kislak arranged the sale on behalf of the seller, multiple affiliates of Fernmoor Homes, a longtime client, and the purchaser, affiliates of California-based Universe Holdings.

Mi Place at Rancocas is a newly-constructed, three story apartment complex on over five acres. The property was built in two phases with 232 units constructed in 2015 and 108 units constructed in 2022. This recent sale was for the 108 units and the sale of the remaining 232 units is scheduled to follow in early 2025.

Mr. Waisbrod commented, “Following completion of the property, the seller sought to execute its sales strategy, and we procured a purchaser eager to add to its East Coast portfolio. There were various complexities with the transaction and each party and their teams worked diligently to resolve them until closing.”

The 108 units consist of 48 one-bedroom apartments, 48 two-bedroom apartments and 12 three-bedroom apartments with modern kitchens and bathrooms, in-unit washers and dryers, walk-in closets, and individual balconies. Community amenities across both phases of the property include a pool with clubhouse, business center, fitness center, sundeck, lounge, billiard room, a dog park, and on-site parking.

The property is located in northwestern Burington County 25 miles from Center City Philadelphia. It offers easy access to Interstate 95 (the New Jersey Turnpike), Routes 206 and 38, and Interstate 295. The property is within walking distance of downtown Mount Holly with dining, shopping, and entertainment offerings. The township’s Main Street is considered a National Main Street Center, a subsidiary of the National Trust for Historic Preservation.

The seller’s attorney was Stephen Kessler, Esq., and the purchaser’s attorney was Joel Rosen, Esq. Financing was provided by Dwight Capital.

Barry Waisbrod joined Kislak in 2001 and is consistently among the firm’s leading salespeople. He specializes in the sale of multifamily and other investment properties throughout New Jersey and its neighboring states. Mr. Waisbrod received the firm’s Sima Kislak Jelin Salesperson of the Year award in 2023, 2019, 2015 and 2013 and its Jay I. Kislak Producer of the Year award in 2023 and 2021.

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 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, Delaware, and Florida.

Now in its 118th year, Kislak was among a select group of firms recognized as a 2023 Power Broker by CoStar Group, Inc. and this was the firm’s 18th consecutive recognition. Kislak was also named by NJBIZ as a 2024 Leader in Real Estate, Construction and Design and this was the firm’s third recent recognition.