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M&M Brokers 296-Unit Willow Ridge Village Deal

MARLTON, NJ-The 251,824-square-foot apartment complex in this South Jersey township drew a 6.25% cap rate, says Marcus & Millichap.

By Debra Hazel | Updated on July 14, 2011

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.”

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