Property management is being provided by Hirschfeld Management Inc. The seller is NJ Cherry Hill LLC of New York City. Rudyard Porter, formerly of Cushman and Wakefield's Philadelphia office represented the seller. Senior debt financing was provided by Eurohypo AG and Apollo Real Estate Advisors L.P. Holliday Fenoglio Fowler LP represented DIG-HP and arranged the Eurohypo/Apollo financing through its offices in New York City and Washington, DC. Sources could not further comment on the identity of the seller by deadline.
The Landmark Apartments is a 544-unit multifamily rental community comprising two 18-story high-rise buildings and 21,647 sf of commercial space. The Landmark, located at 1900 Frontage Rd., was constructed in 1969 and is located on 24 acres of land.
Jeffrey Hirschfeld, president of Hirschfeld Properties tells GlobeSt.com that they believe Cherry Hill and the surrounding vicinity is "a great market with about 95% occupancy." He further notes that they see upside potential with this particular development."
DIG-HP will immediately begin a comprehensive renovation, repositioning and rebranding strategy at the property with more than $26 million of planned capital improvements in a month or so Hirschfeld says. The capital improvement program will be overseen by Hirschfeld Properties as development manager. The buildings will be receiving new elevators, lobbies, corridors and HVAC units. Unit upgrades will also be including fully upgraded kitchens and bathrooms and new balcony railings and glass. A newly constructed clubhouse will include leasing and business offices and a state-of-the-art fitness center for residents' use.
The property is being rebranded and will be known as The Grand Apartment Homes. "We look forward to restoring this storied property, once known as the premier residential community in the area, to its former glory and beyond," notes Hirschfeld.
"The opportunity to acquire and implement a vigorous capital improvement and renovation program on a well-positioned but under-performing property was very attractive to Dubai," Anthony Juliano, head of Dubai Investment Group Real Estate, says in a prepared statement, adding that "value-add acquisitions of properties such as the Landmark Apartments fits Dubai's global investment strategy."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
