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Hirschfeld, Dubai Buy 544-Units in $100M Deal

CHERRY HILL, NJ-The Landmark Apartments comprises two 18-story buildings and 21,647 sf of commercial space. It will get $26 million of capital improvements and will be rebranded.

By Natalie Dolce | Updated on April 02, 2008

CHERRY HILL, NJ-A joint venture of West Hartford, CT-based Hirschfeld Properties LLC and New York City-based Dubai Investment Group Real Estate, has acquired the Landmark Apartments here, in a deal exceeding $100 million. The JV is known as DIG-HP Cherry Hill Operating LLC.

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.

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