24B — March 2025 — Best of 2024 — M id A tlantic Real Estate Journal www.marej.com The LARGEST MULTIFAMILY SALE of 2024
Cushman & Wakefield Rivet 23 and Rivet 26 Jersey City, NJ
The Kislak Company, Inc. Mi Place at Rancocas Mount Holly, NJ
Bennett Williams Commercial Ash Park Apartments Coatesville, PA
Size: 362 Units / 255,768 SF Brokers: Cushman & Wakefield’s Niko Nicolaou and Ryan Dowd This deal represents the sale of an institutional-quality asset in a rapidly emerging market on the west side of Jersey City. The connectivity to New York City positions the community to strongly benefit from the outsized demand for quality housing in the region.
Size: 108 Units Broker: Barry Waisbrod
Size: 75 Units Broker: Tommy Ciccarone, Jr.
Mi Place at Rancocas is a newly-constructed, three story apartment complex on over five acres. The property was built in two phases with 232 units constructed in 2015 and 108 units constructed in 2022. This recent sale was for the 108 units and the sale of the remaining 232 units is scheduled to follow in early 2025. The property is located in northwestern Burington County 25 miles from Center City Philadelphia. It offers easy access to Interstate 95 (the New Jersey Turnpike), Routes 206 and 38, and Interstate 295
The Ash Park Apartments is a 75-unit complex in Coatesville, Pennsylvania. Located just off of Business Route 30 in Chester County, the community offers a variety of 1 to 3 bedroom apartments. Tommy Ciccarone, Jr. of Bennett Williams Commercial represented the Buyer in this transaction.
The MOST UNIQUE MULTIFAMILY SALE of 2024
Cushman & Wakefield Rivet 23 and Rivet 26 Jersey City, NJ
JLL Capital Markets Westwood Multihousing Portfolio Westwood and River Vale, NJ
Marcus & Millichap Bellemeade Farms Leesburg, VA
Size: 276-Units in four properties Brokers: Jose Cruz, Mike Oliver, Steve Simonelli, Elizabeth DeVesty, and Austin Pierce JLL worked on behalf of the seller to arrange the sale of Coventry Square, Stanford Court, and The Madison Apartments, all located in Westwood. Additionally, Village on the Green is situated in the adjacent town of River Vale. Built between 1979 and 1987, the portfolio spans 11.79 acres and is currently 96% occupied. It comprises one- and two-bedroom units, each featuring full kitchens with energy-efficient appliances, granite countertops, and hardwood flooring. Community amenities include a fitness center, swimming pool, tennis court, and dog parks. With most units unrenovated, the portfolio presents an excellent value-add opportunity for the buyer.
Size: 15.77 Acres / 686,941 SF Brokers: Robert Dean and Jonathan Greenberg of Institutional Property Advisors (IPA), a division of Marcus & Millichap Bellemeade Farms is a 316-unit garden-style multifamily property located in Leesburg, Virginia. Built in 1988 on 16 acres, the community offers a swimming pool, sundeck, pickleball courts, business center, and storage units. Apartments feature large closets, balconies or patios, with select units offering vaulted ceilings, fireplaces, and vinyl plank flooring. Positioned in Loudoun County, the nation’s wealthiest county, the property is near major employers, data centers, shopping, and transportation hubs. With value-add potential through unit upgrades and rent growth, Bellemeade Farms is an attractive investment in the thriving Northern Virginia market.
Location: 23 and 26 University Place Blvd., Jersey City, NJ Size: 362 Units / 255,768 SF Brokers: Cushman & Wakefield’s Niko Nicolaou and Ryan Dowd This deal represents the sale of an institutional-quality asset in a rapidly emerging market on the west side of Jersey City. The connectivity to New York City positions the community to strongly benefit from the outsized demand for quality housing in the region.
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