Just Listed: 95 Units in Southern NJ

Description:

Marcus & Millichap is pleased to present for sale the Gladiator Portfolio II, which consists of three separate multifamily properties, totaling 95 units. The properties are all located in Southern New Jersey. Gladiator Portfolio I just closed at the end of April 2018 for a similar price per unit and cap rate. The portfolio is being offered at $5,975,000. Please contact listing broker for a breakdown of the pricing.

Town House Apartments is a 20-unit garden-style apartment community located in Burlington, Burlington County, NJ. East Browning Apartments is a 35-unit garden-style apartment community located in Bellmawr, Camden County, NJ. Westwood Court Apartments is a 40-unit garden-style apartment community located in West Deptford, Gloucester County, New Jersey.

The seller will consider offers as a package of all three properties, or separately as three offerings. Each of the properties provide well maintained workforce housing in middle- to upper-income suburban towns in Southern New Jersey. Because the portfolio has been historically fully occupied by current ownership, a new owner has the ability to begin a renovation program and obtain higher rents. Each of the properties are a short drive to the major thoroughfares in South Jersey, which provide easy access to Philadelphia. Also nearby are a number of shopping, dining, and entertainment options, as well as public transportation.

At an average price per unit of just under $63,000, the properties are being offered at significantly below replacement costs. There is excellent financing available at up to 80% LTV with multiple years of interest only available.

Highlights:

• 95-Unit Portfolio Consisting of Three Separate Garden-Style Properties
• Available as a Portfolio, or as Three Separate Offerings
• Properties are Historically Fully Occupied - Currently 1 Vacancy Throughout Portfolio
• Ability to Immediately Push Rents
• Average Price Per Unit of $63,000 with Double-Digit Cash-on-Cash Returns Day 1
• Excellent Financing Options with Multiple Years Interest Only Available
• Gladiator Portfolio I (4 Property Portfolio) Recently Closed at Comparable Price/Cap Rate

For More Information:

• Contact Andrew Townsend at 215-531-7020
• Contact Clarke Talone at 215-531-7021
• Contact Ridge MacLaren at 215-531-7019