MARLTON, NJ – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Willow Ridge Village (top left photo), a 296-unit 251,824-square foot multifamily property in Marlton. The property was sold at a 6.25 percent cap rate.Ridge MacLaren (middle right photo), a vice president investments, and multifamily investment specialists Clarke Talone (lower left photo) and Andrew Townsend (lower right photo), all in Marcus & Millichap’s Philadelphia office, represented the seller, Willow Ridge Village Apartments LLC.
“Willow Ridge Village is exactly the type of apartment asset that sophisticated buyers have been asking us for these past few years: It’s a good property in a great location,” says MacLaren. “With some upgrades to the units, the new ownership will be able to achieve rents closer to current market levels and realize a strong return on their investment over the next five to 10 years.
“Our marketing process generated a tremendous amount of interest among local and regional buyers from the private and public sectors,” adds MacLaren.
“We gave 45 property tours and received almost 30 offers. Once the purchase and sale contract was executed, the transaction went smoothly and the deal closed in less than 60 days,” MacLaren concludes. Willow Ridge Village was delivered free and clear of debt, which enabled the buyer to place new attractive agency financing on the property.
The apartments are at 1 Meridian Ct. in Marlton, not far from the intersection of Route 70 and Route 73. Marlton is an affluent suburb, located approximately 15 miles from Philadelphia. Willow Ridge Village is near the Promenade, an upscale lifestyle center, and the newly constructed Virtua Voorhees Hospital.
Constructed from 1987 through 1992, Willow Ridge Village includes 24 buildings with 56 one-bedroom units and 240 two-bedroom units. The apartments feature full-size washers and dryers, dishwashers, eat-in kitchens, ample storage areas and patios or balconies. Units on the second floor have skylights. Community amenities include a swimming pool, tennis courts and a playground.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
No comments:
Post a Comment