MARLTON, NJ-Willow Ridge Village Apartments LLC has sold Willow Ridge Village, a 296-unit 251,824-square-foot multifamily property at 1 Meridia Court here, GlobeSt.com has learned. The property was sold at a 6.25% cap rate, says Marcus & Millichap Real Estate Investment Services, which brokered the sale and represented the seller.

“Willow Ridge Village is exactly the type of apartment asset that sophisticated buyers have been asking us for these past few years: It’s a good property in a great location,” says Ridge MacLaren, VP of investments in Marcus & Millichap’s Philadelphia office. “With some upgrades to the units, the new ownership will be able to achieve rents closer to current market levels and realize a strong return on their investment over the next five to 10 years.”

Willow Ridge Village was delivered free and clear of debt. Built from 1987 to 1992, the complex includes 24 buildings with 56 one-bedroom units and 240 two-bedroom units. Rents at available apartments range from $986 per month to $1,071 per month, according to residential website Trulia.com. Chalet Gardens, a 484-unit complex in Pine Hill, NJ, also in Camden County, is asking $27.4 million, according to LoopNet.