E.V.P. Joni Sweetwood Arranges Exclusive Sale of 152 Units
Woodbridge, N.J., December 4, 2020 – The Kislak Company, Inc. announced the recent sale of Regency Court and Chestnut Court, two multifamily properties with a total of 152 units in Vineland, Cumberland County, New Jersey, for $15,100,000. The properties are located approximately a half mile apart at752 South East Avenue and 729 East Chestnut Avenue, respectively.
Kislak marketed the properties on an exclusive basis with executive vice president Joni Sweetwood handling the assignment on behalf of a longtime client to whom she previously arranged the sale of the properties in 2006 . Ms. Sweetwood also procured the purchaser, another long-time client, only a few weeks after initially marketing the properties.
The sale marked the largest multifamily sale in Vineland and Cumberland County since 2015 according to data from CoStar.
“The seller is a longtime professional who managed the properties well, and the properties’ financials improved throughout our marketing and sale process despite the pandemic,” said Ms. Sweetwood. “There was very strong demand among investors for these properties as soon as we were engaged by the seller. Given the demand, after only one day of tours, we received two non-contingent offers that ultimately exceeded the asking price. The seller and purchaser both did exactly what was expected of them and the transaction was nearly seamless through closing.”
Regency Court is a suburban two-story garden apartment complex with a brick and siding exterior and 104-units on 4.54 acres. The property includes 72 one-bedroom units and 32 two-bedroom units. Unit amenities include individual climate control, private patios or balconies and walk-in closets. Complex amenities include a courtyard and recently renovated laundry facilities.
Chestnut Court is also a suburban two-story brick garden apartment complex with a brick exterior and pitched roofs with 48-units on 2.39 acres. The property includes four one-bedroom units and 44 two-bedroom units. Unit amenities include balconies, air conditioning and hardwood floors. Complex amenities include a courtyard, playground, and laundry facilities.
The properties include many recent renovations including new roofs, windows, and balconies.
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.
Joni Sweetwood joined Kislak in 1996 and is one of the firm’s all-time leading salespeople. She has won numerous sales awards, including the Sima Kislak Jelin Salesperson of the Year award in 2010 and the firm’s production award multiple times since then, most recently in 2018, and has been recognized repeatedly as one of New Jersey’s Commercial Brokerage All Stars and the Mid Atlantic Real Estate Journal’s Executive Women in Business.
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.