156 Units Trade Off-Market in Salem County for Record Price
WOODBRIDGE, N.J., October 26, 2021 – The Kislak Company, Inc. announced the recent sale of Orchard Court Apartments, a 156-unit multifamily property located at 1000 Carroll Avenue in Pennsville, Salem County, New Jersey, for $16,000,000.
The record sale price represents the highest price ever achieved for a multifamily property in Salem County, New Jersey according to data available from CoStar.
Kislak arranged the off-market sale with chief operating officer Jason Pucci and senior vice president Justin Lupo representing the seller, Orchard Court Associates, an affiliate of The Kamson Corporation, which is one of the largest private owners of multifamily properties in the Northeast. Executive vice president Barry Waisbrod represented the purchaser, Orchard Court Apartments, LLC.
“This sale was an excellent opportunity for our clients,” said Mr. Pucci. “The seller is in the process of exchanging into two new properties in New Jersey, and the purchaser added to its growing portfolio of properties in the Northeast and Mid-Atlantic with the purchase of this value-add property.”
Mr. Lupo commented, “This sale demonstrates Kislak’s incredible ability to act on behalf of a seller both to sell a property and also to identify and facilitate the acquisition of replacement properties to satisfy an I.R.C. Section 1031 exchange. It was a pleasure working with Jason and Barry in bringing this to closing.”
Mr. Waisbrod added, “The purchaser has been very active in the south Jersey market where he sees great opportunities in rent growth by consistently upgrading units and raising rents.”
Constructed in 1963, Orchard Court Apartments is a brick garden apartment complex with 10 buildings situated on 14.2 acres. The unit mix includes four studios, 96 one-bedroom units, and 56 two-bedroom units. Amenities include on-site parking, a swimming pool, private balconies or patios, and laundry facilities.
The property is located in Pennsville in western Salem County one block from Pennsville Memorial High School, a half mile from the Delaware River and conveniently adjacent to Route 49 with its many retail and commercial establishments. The property is approximately 10 miles south of Wilmington, DE and 40 miles south of Philadelphia.
At the time of closing, the property was 97% occupied.
The seller’s attorney was Allen Popowitz, Esq. of Brach Eichler LLC and the purchaser’s attorney was Aaron Schlusselberg, Esq. of the Law Offices of David Fleischmann P.C.
Mr. Pucci joined Kislak in 2006 and is responsible for the management of the firm’s operations, business activities and growth initiatives including achievement of its financial and operational objectives. Since joining Kislak, the firm has closed more than 1,700 transactions valued at $7 billion with Mr. Pucci personally closing more than 70 transactions valued at over $700 million.
Mr. Lupo joined Kislak in 2014 and specializes in the sale of multifamily and other investment properties in central New Jersey and eastern Pennsylvania. Following his first year with the firm, he received the Rookie of the Year award. In 2018 and 2020, he received the firm’s Sima Kislak Jelin Salesperson of the Year award and in 2019 received the firm’s Producer of the Year award. Mr. Lupo’s investment sales total more than $450 million.
Mr. 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 2019, 2015 and 2013. His investment sales total more than $1.2 billion.