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| The Crestbury Apartments, Camden, NJ |
CAMDEN, NJ – Marcus & Millichap Real Estate Investment
Services, the nation’s largest real estate investment services firm, has sold a
multifamily property totaling 392 units in Camden. The asset was delivered free
and clear of debt. The sales price is $16.1 million.
The
multifamily brokerage team of Ridge MacLaren, Andrew Townsend and Clarke
Talone had the exclusive listing and forged a marketing effort on behalf of
the seller, a New Jersey-based limited liability company.
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| Ridge MacLaren |
The buyer, also
procured by the listing team, was Tryko Partners LLC of Brick, N.J.
“The
buyer received excellent financing on this low-income property,” says Townsend.
“The new owner plans to make substantial capital improvements including new
windows, boilers, kitchens, bathrooms and landscaping, which will vastly
improve quality of life for the tenants.”
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| Andrew Townsend |
“The
buyer and seller worked together to navigate through bureaucratic issues,
including a challenging assumption of a payment in lieu of taxes (PILOT)
agreement,” adds MacLaren. “We congratulate both parties on a successful
transaction that required a high degree of patience and confidence.”
The Crestbury is situated within a few miles of bridges
heading into the city of Philadelphia. Built in 1950, it features one- and
two-bedroom units overlooking a neighborhood park.
For a complete
copy of the company’s news release, please contact:
Spencer Yablon
Vice President/Regional Manager
(215) 531-7000
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