The property is a brick garden apartment complex with 10 two-story buildings situated on nearly 18 acres. It is located approximately 16 miles from Wilmington and 38 miles from Philadelphia. Complex amenities include laundry facilities, on-site parking, a swimming pool, basketball court and playground. The spacious apartments include central air conditioning, private balconies or patios and fully-equipped kitchens. Tenants are responsible for their own utilities.

David Singer of Eastern Union Funding provided financing through Freddie Mac for the transaction.

“Laura's Glen Apartment was a perfect addition to the purchaser's portfolio,” says Weilheimer. “The demand for multifamily properties in southern New Jersey has never been greater.”

“The buyer believes strongly in the south Jersey market and has seen tremendous opportunity and upside in Laura's Glen,” says Waisbrod.

Penn Garden Apartments is a two-story, all brick, garden-style apartment complex with 116 units in 11 buildings. Property features include semi-private entrances, on-site parking, and on-site laundry. Units have spacious closets, modern appliances, individually controlled air conditioning and wall-to-wall carpeting.

The property is located 15 minutes from center city Philadelphia via the Betsy Ross Bridge. Nearby transportation includes major roadways 1-95, I-295 and Route 130 and the River Line Light Rail System provided by NJ Transit.

“Penn Gardens is the quintessential 'value-add' play that buyers are looking for in this market,” says Weilheimer.

Manahawkin Center is a 50,400 square foot community shopping center anchored by an Acme Supermarket and a Rite Aid Pharmacy. Other tenants include Peking Gardens, Big Apple Bakery, EZ Nails and Ares Athletic Club. The property is located on East Bay Avenue, approximately five miles from resort communities on Long Beach Island.

“With national tenants such as Walgreens and Acme, the repositioning of the rest of the center with capital upgrades would fare well in this area,” says Weilheimer.