www.marejournal.com O wners , D evelopers & M anagers F eaturing I ndustry L eaders 368 units trade in Gloucester County outside of Philadelphia Kislak Completes $27.3 million off-market sale of Inverness Apartments in Westville, NJ W very strong throughout New Jersey and the region,” said Robert Holland , president. estville , NJ — The Ki s l ak Company Inc . M id A tlantic
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portunities. This is a classic example of owners applying strongmanagement principles to generate increased value.” “We are seeing an influx of New York-based investors and purchasers in New Jer- sey that see the opportunities in the multifamily market,” said Waisbrod. Weilheimer joined Kis- lak in 1996, is consistently among the company’s lead- ing salespeople, and has won numerous sales production awards at the company in- cluding the 2010 Production Award. Waisbrod joined Kislak in 2001, is also consistently among the company’s leading salespeople and was the re- cipient of the company 2013 Sima Kislak Jelin Salesper- son of the Year award. n
“Mat t and Ba r r y d i d an excellent job procur- ing the pur- chaser, who was eager to acquire such a large and w e l l - p e r - forming property in suburban Philadelphia.” The units are fully-equipped with modern kitchens, central air-conditioning, separate dining rooms, large closets, 24-hour emergency mainte- nance, and either balconies or patios. Select units also include fireplaces. Over sixty percent of the tenant HVAC units have been replaced over
announced t h e $ 2 7 . 3 million off- market sale of Inverness Apartments in Westville. Senior vice p r e s i d e n t Matt Weil-
Matt Weilheimer Barry Waisbrod
HI-LIGHTS D ec . 24 - J an . 14, 2015 heimer and vice president Barry Waisbrod together represented the purchaser. “The market for multi- family properties remains RRA sells 96 units in Prospect Park, PA for $8.725 million
Inverness Apartments
1999,” said Weilheimer. “The asset appreciated over 250% during that time. Our clients look to us for guidance in evaluating investment op-
the past two years. Siding and windows were replaced in 1999. “This is the third time Kis- lak sold the property since
Meridian Capital negotiates $9.7m multifamily acquisition on behalf of Castle Lanterra Props.
Tuscaloosa, AL — Me- ridian Capital Group ne- gotiated a $9.7 million mort-
gage for the purchase of The Heights at Skyland mu l t i f am - ily property l o c a t ed i n Tuscaloosa on behalf of Castle Lan- terra Properties .
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VA DFS receives Energy Efficiency Leader Award from Trane
Barry Lefkowitz
The seven-year loan, provid- ed by a national balance sheet lender, features a competi- tive floating-rate of 260 basis points over the one-month LIBOR rate and three years of interest-only payments. This transaction was negotiated by Meridian senior vice presi- dent, Barry Lefkowitz , who is based in the Company’s Iselin, NJ office. The Heights at Skyland, located at 4527 18th Ave. East in Tuscaloosa, totals 304 unit and is composed of 18 two-story garden-style build- ings. The property features a recently renovated fitness center and clubhouse and is located in close proximity to
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The Heights at Skyland
ALSO INSIDE Green Buildings....... 25-30A USGBC.............................30A NJAA................................31A IREM.......................... 32-33A
the University of Alabama and DCH Regional Medical Center. “Castle Lanterra Proper- ties acquired this property at a discount to current mar- ket value and will realize its strong upside potential
through upgrades of the apartment interiors. This ac- quisition is a prime example of Castle Lanterra Properties’ ability to locate mispriced multifamily real estate assets where they can execute their proven value-add strategy”
said Lefkowitz. “Meridian was able to aid in the execu- tion of their business plan by negotiating 82% loan-to- cost financing via a flexible floating-rate structure with a significant interest-only period,” he added. n
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