VOORHEES, NJ-Candlebrook Properties of New York has acquired an 884-unit apartment complex here from Union Bank of Switzerland for a reported $83 million. Cushman & Wakefield 's Karen Iman, Andrew Merin and Brian Whitmer of the firm’s Capital Markets Group represented UBS in the trade.
Candlebrook's financial partner on the deal is Angelo Gordon & Co. Last year, the partners jointly purchased a 2,200-unit apartment portfolio in central New Jersey from AIG.
The Voorhees multifamily property is currently 90 percent occupied with rents ranging from $1,000-$1,725 a month. Candlebrook intends to begin a major upgrade of the property, Echelon Glen, which is set on 65 wooded acres.
Candlebrook’s head of operations Devin Aronstam said the property will continue to be positioned as workforce housing. With its close proximity to Philadelphia, Echelon Glen attracts a large tenant pool of commuters, including IT staff and engineers, pharmaceutical and health care professionals, he said.
Candlebrook is a subsidiary of Vantage Properties, which has rehabilitated about 12,000 units in the metro New York area and provides continuing management. With the Voorhees purchase, Candlebrook now owns and manages seven multi-family rental properties totaling 2,700 units. Candlebrook, which was established as a subsidiary last year, is now looking to buy more apartment complexes in the Philadelphia area, according to Aronstam.
Since launching Candlebrook, said Vantage CEO Neil Rubler in a statement, “We have extended Vantage’s reach by acquiring high-quality middle-income property portfolios that offer exceptional housing options to residents in suburban New Jersey.”
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