WOODBRIDGE, NJ, The Kislak Company has sold a Delaware apartment complex for $14.75 million, according to the New Jersey-based company's top executives who handled the transaction.
Kislak's president and co-managing director Robert Holland and senior vice- president Matt Weilheimer represented both sides in the sale of Greentree Village Apartments, a 286-unit apartment complex in Claymont, DE. Claymont is considered a part of the Philadelphia suburban market.
“Greentree Village was a distressed property that offered a purchaser a value-added opportunity to reposition it in a strong market,” said Holland. “Most of the nearby competitive properties operate in the 95%-occupancy range,” he said.
The buyer, who was not identified, plans extensive renovations and upgrades: new kitchens and bathrooms, and addition of washers and dryers in each unit.
Holland said the improvements will make Greentree competitive with other area properties.
The seller was a group led by an affiliate of a large international insurance company that had foreclosed on the property and engaged Kislak to market and sell it. The Galman Group, a multifamily owner/operator in the area, acquired the property
Galman has renamed the property Edge at Greentree. The eleven buildings are all brick, and there are 88 one-bedroom apartments, 169 two-bedroom apartments and 29 three-bedroom apartments.
The complex include a club house, storage facilities and playground.
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