E.V.P. Joni Sweetwood Arranges Exclusive Sale of 108 Units in Cumberland County
Woodbridge, N.J., January 3, 2025 – The Kislak Company, Inc. announced the recent sale of Park Towne Apartments, a 108-unit multifamily property at 51 West Chestnut Avenue in Vineland, Cumberland County, New Jersey, for $12,000,000.
Kislak marketed the property on an exclusive basis on behalf of the longtime owner and client, Park Towne Apts, LLC. Executive vice president Joni Sweetwood handled the assignment and also procured the purchaser, Park Towne Apartments, LLC, an affiliate of a longtime client.
Ms. Sweetwood commented, “The offering presented an attractive opportunity to acquire a well performing and fully occupied property in a strong rental market and our marketing generated robust interest among investors. The purchaser owns in the market, was eager to expand its presence there and I previously arranged other local sales between the parties so the transaction went smoothly despite financing challenges given interest rate fluctuations.”
The sale marked the largest multifamily sale in Vineland and Cumberland County since 2022 according to data from CoStar.
Built in 1952, Park Towne Apartments consists of 108 units in nine buildings on 2.31 parklike acres in suburban Vineland. The unit mix includes 63 one-bedroom units, 36 two-bedroom units, two two-bedroom units with terraces and a rental office. Apartment features include air conditioning, modern kitchens, hardwood floors and high-speed Internet access. Community amenities include laundry facilities and on-site parking.
The property is ideally centrally located near schools, shopping, and public transportation. Vineland is a city in southeastern New Jersey with approximately 60,000 residents located 40 miles south of Philadelphia and 45 miles west of Atlantic City.
Financing was provided by Fannie Mae.
Joni Sweetwood joined Kislak in 1996 and is one of the firm’s all-time leading salespeople consistently ranking as a top producer each year. She has won numerous sales awards, including the Sima Kislak Jelin Salesperson of the Year award, the company’s Producer of the Year award five times and the company’s Sales Transactions award for the most closed sales transactions in the last three years. Ms. Sweetwood has also been recognized repeatedly as one of New Jersey’s Commercial Broker All Stars and the Mid Atlantic Real Estate Journal’s Executive Women in Business. Her career investment sales total more than $1.3 billion.
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.
