88 Units Trade in Cherry Hill, East Orange, and Vineland
Woodbridge, N.J., August 4, 2021 – The Kislak Company, Inc. announced the recent sale of three multifamily properties in New Jersey for a total of $9,025,000. The properties include East Park Apartments at 1045-1047 East Park Avenue in Vineland, Cumberland County with 41 units; the Farrell Place Manufactured Home Community at 1205 Farrell Avenue in Cherry Hill, Camden County with 30 mobile home park lots; and 17 Lenox Avenue in East Orange, Essex County with 17 units.
Kislak marketed the properties on an exclusive basis with Executive Vice President Joni Sweetwood handling the assignments, and she also procured the purchasers, private investors.
East Park Apartments is a three-story brick complex with 41 large units and a house. It sold for $3,950,000 to a repeat client who recently purchased 152 nearby apartments from Kislak and Ms. Sweetwood and will benefit from significant upside in the rents. Financing was provided by Kearny Bank.
The Farrell Place Manufactured Home Community in Cherry Hill sold for $2,475,000. The property is bordered on two sides by Cooper River Park and includes a stable tenancy with some long-term tenants in residence for over 40 years. Tenants pay for all of the maintenance of their lots, thereby requiring no management or maintenance by the owner.
Ms. Sweetwood commented, “Mobile home parks can have superior returns to apartments without certain management headaches as there are no buildings to maintain. The purchaser acquired an attractive investment in an upscale area near the Cherry Hill Marketplace and all major highways.” Financing was provided by Investors Bank.
The East Orange property sold for $2,600,000 and was described by Ms. Sweetwood as “a value-add deal due to below market rents,” is a five-story brick building with many recent renovations. Upgrades include a rebuild of an entire staircase and full renovation of the common area inclusive of marble and plank flooring, new walls and ceilings, new windows, and new lighting. Throughout the property and units numerous windows and doors were replaced. Financing was provided by New York Community Bank.
Ms. 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 2020 Power Broker by CoStar Group, Inc. and this was the firm’s 15th consecutive recognition.