LINDENWOLD, NJ—In the second largest of the Greater Philadelphia Metro Apartment Market's 28 distinct submarkets – Camden West – Gebroe-Hammer Associates has arranged the $7.5 million sale of 148 units at Summit Place, a recently renovated garden-style community located at 411 E. Gibbsboro Rd., in Lindenwold, NJ.
Gebroe-Hammer vice president Adam Zweibel exclusively represented the seller, ARD Lindenwold, and procured the buyer, a private investor who was not identified.
“Known as a friendly, close-knit community with tree-lined streets and scenic woodland areas, Lindenwold is emerging as an enclave for single millennial and established, executive-level out-commuters,” says Zweibel, the firm's Central/South Jersey area market specialist. “For the same reasons the tenant base is drawn to this emerging submarket – extensive highways, the nearby Lindenwold Station transit center, convenient lifestyle services – so are experienced investors.”
Situated in southwest New Jersey on the Pennsylvania border, Lindenwold is close to Center City Philadelphia, just 17 miles away, and the Trenton/Ewing/Hamilton corridor, with its high concentration of New Jersey State offices and 72,700 government jobs.
Built in 1971, Summit Place recently underwent comprehensive capital improvements. While exterior enhancements included new windows and doors, the one- and two-bedroom apartment units also have undergone extensive upgrades.
“The sale of Summit Place illustrates how investment demand is tightening its grip within the Camden West apartment market, particularly when it comes to existing, well-maintained 1970s-era product,” says Zweibel. With 17,096 units, about eight percent of the total metro inventory, the Camden West submarket is the second largest of the 28 distinct Philadelphia Metro submarkets, smaller only than Center City. According to REIS, during 2018 and 2019 no additional competitive apartment stock is projected to be introduced into the submarket's inventory.
“This bodes well for both asking and effective rents, which are expected to rise on an annualized basis in 2018 and 2019 and will only feed the investment fire even more,” says Zweibel.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
