Just Closed: 392 Units in Camden Sold for $34,450,000
Marcus & Millichap is pleased to announce the sale of Crestbury Apartments – 392 units located in Camden, NJ.
Camden, NJ, September 26, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of the Crestbury Apartments, a 392-unit multifamily property located in Camden, New Jersey, according to Sean Beuche, regional manager of the firm’s Philadelphia office. The asset sold for $34,450,000 or just under $88,000 per unit.
Andrew Townsend, Ridge MacLaren, and Clarke Talone, investment specialists in Marcus & Millichap’s Philadelphia office, had the exclusive listing to market the property on behalf of the seller, Brick, NJ-based Tryko Partners. An affiliate of Lincoln Avenue Capital LLC from New York City, a leading owner and developer of low-income housing properties nationwide, purchased the asset free and clear of debt.
“The property just participated in the RAD (Rental Assistance Demonstration) program and received a new 20-year subsidy contract,” said Townsend. “The seller recently upgraded the flooring, windows, roofs, and boilers throughout the property, which made it very attractive and a great long-term investment.”
In fact, after purchasing Crestbury Apartments in 2013, Tryko Partners invested $3.6 million in capital improvements. This included the incorporation of an innovative, high-tech security initiative in conjunction with the Camden Police Department; a playground; and updated lighting, landscaping and sidewalks.
“We are seeing a tremendous amount of interest in well-maintained workforce housing, both market rate and affordable, in South Jersey due to solid economic drivers and its proximity to Philadelphia,” added MacLaren.
The 392 apartments are a mixture of one- and two-bedroom units. The Crestbury is situated on over 18 acres at 2552 South 8th Street in Camden, New Jersey. The property is minutes from both the Walt Whitman and Ben Franklin Bridges as well as Cooper Hospital, Campbell’s Soup Headquarters, and the Camden Waterfront.
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About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com