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$27M Renovation Project Under Way

CHERRY HILL, NJ-Hirschfeld Properties has begun an extensive renovation of the 40-year-old apartment community here known as The Grand.

By Maria Wood | Updated on February 13, 2009

CHERRY HILL, NJ-Earlier this week, Hirschfeld Properties broke ground on a state-of-art clubhouse at The Grand, a 544-unit apartment complex here. The groundbreaking was another step in a $27-million renovation project at the landmark complex.

In April of last year, Herschfeld Properties, in partnership with Dubai Investment Group Real Estate, purchased the Landmark Apartments for $100 million. The seller was NJ Cherry Hill LLC.

While Hirschfeld Properties–which has offices in West Hartford, CT and New York City–has developed retail properties in New Jersey previously, this is the first time it has acquired a multifamily property in the Garden State, says company president Jeffrey Hirschfeld. He says the firm was attracted to the property because of is location and its sizable vacancy. “It was 40% vacant, so there is real upside to lease up that vacancy, as well as work with the overall economics as the result of the improvements we are making,” he says. “The demographics in Southern Jersey are very favorable for us in terms of income and education levels and density of population. The proximity to Philadelphia was attractive to us as well, and there is a big employment base in South Jersey of pharmaceutical companies and other major corporate employers.”

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