Clementon, NJ
Property Type: MultifamilySize: 69 Units
Price: See Broker for Details
CAP: See Broker for Details
Highlights:
- 69-Unit Garden-Style Apartment Community in Clementon, Camden County, New Jersey
- 2018 Construction: Large Units Average Over 1000 SF with Luxury Finishes
- Excellent Suburban Philadelphia Location: 10 Minutes from Walt Whitman Bridge, Near Major Employment Centers & Colleges
- Significant Rental Upside: Current Rents are 13%+ Below New Lease Rents
- Assumable Agency Financing is Available at a Below-Market Interest Rate
- High Barrier to Entry Market
Description:
Marcus & Millichap is pleased to present for sale the Timber Creek Apartments, located in Clementon, Camden County, NJ. The property consists of 69 Class A, garden-style apartments constructed in 2018.
Timber Creek is centrally located, approximately 10 miles from the Walt Whitman Bridge to Philadelphia, just off Route 42. The property is also less than an hour drive to Atlantic City and Trenton, NJ. Within minutes of the property are Camden County Community College, the Gloucester Premium Outlets, Jefferson-Stratford Hospital Center, and Pine Valley Golf Club.
The property was completed in 2018 and represents the top-of-the-line product in the submarket. The units include luxury vinyl plank floors, shaker style cabinetry, stainless steel appliances, kitchen island with pendant lighting, in-unit washer/dryer, and balconies or patios for each unit. All two-bedroom units are 1200 square feet and contain two full baths, which is rare for the submarket. There is also an on-site clubhouse with a leasing office, fitness center, and party room.
The property has a significant rental upside, as the current street rents are 13% higher than the current average rent. Timber Creek also has excellent occupancy rates averaging over 98% in the past 12 months.
This market historically has limited multifamily sales, especially for newer construction, making Timber Creek a highly sought-after asset.
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