(Brianne Harrison is the new associate editor of Real Estate New Jersey.)
(Read more on the multifamily market.)
GLASSBORO, NJ-A joint venture of Perseus Realty Partners and Quinn Properties Group acquired Park Crest Village Apartments here. The 385-unit class B garden apartment community is located approximately 30 minutes outside Philadelphia.
Park Crest is the first Philadelphia-area acquisition for Washington, DC-based Perseus. Andrew Burke, VP of Perseus, tells GlobeSt.com that the company had been looking at properties in New Jersey for some time, as the state offers a strong economic base, and that Park Crest seemed like an excellent opportunity to make an acquisition in the Philadelphia region. Perseus and Radnor, PA-based Quinn plan to renovate the exteriors and interiors of the 23 buildings located at Park Crest and to implement active property management. Due to "competitive reasons," Burke could not provide any financial information regarding this deal to GlobeSt.com. The seller was also not disclosed by deadline.
Park Crest is located along Route 322 and in close proximity to Routes 55, 47, 42 and the Atlantic City Expressway. The area's second largest employer, Rowan University, is approximately two miles away, and the planned South Jersey Technology Park, which will include office, laboratory and incubator space for Rowan University and the private sector, will be nearby.
"Factoring in the advantageous location, anticipated economic development in the area and value enhancement potential of Park Crest Village, we believe this property will prove to be a sound investment," Burke says.
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