M id A tlantic Real Estate Journal — New Jersey — November 19 - December 23, 2021 — 3B
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156 units trade off-market in SalemCty. for record price Kislak sells Orchard Court Apts. in Pennsville for $16M
ENNSVILLE, NJ — The Kislak Company, Inc. announced the re- cent sale of Orchard Court Apartments, a 156-unit mul- tifamily property located at 1000 Carroll Ave. in Pennsville, Salem County for $16 million. The record sale price repre- sents the highest price ever achieved for a multifamily property in SalemCounty, New Jersey according to data avail- able from CoStar . Kislak arranged the off-mar- ket sale with chief operat- ing officer Jason Pucci and senior vice president Justin Lupo representing the seller, Orchard Court Associates, an affiliate of The Kamson Cor- poration , which is one of the largest private owners of multi- family properties in the North- east. Executive vice president Barry Waisbrod represented the purchaser, Orchard Court Apartments, LLC. “This sale was an excellent opportunity for our clients,” said 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.” Lupo said, “This sale demon- strates Kislak’s incredible abil- ity 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.” Waisbrod added, “The pur- chaser 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-bed- room units. Amenities include on-site parking, a swimming pool, private balconies or pa- tios, and laundry facilities. The property is located in Pennsville in western Salem County one block from Penns- ville Memorial High School, a half mile from the Delaware River and conveniently adja- cent to Rte. 49 with its many P
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Orchard Court Apartments
retail and commercial estab- lishments. The property is ap- proximately 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 Al- len Popowitz, Esq. of Brach Eichler LLC and the pur- chaser’s attorney was Aaron Schlusselberg, Esq. of the Law Offices of David Fleis- chmann P.C. MAREJ
888-777-4501 • HUTCHBIZ.com William A. Hutchinson Jr, Master Plumber Lic. #5041. Edward P. Hutchinson, Master HVACR Contractor Lic. #22700. Hutchinson HIC Reg. #13VH01747500. FOR BUS INESS
EXCLUSIVE PROPERTIES FOR SALE
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The Kislak Company, Inc. | kislakrealty.com | 732 750 3000
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