CAMDEN, NJ—As Camden, the poorest city in New Jersey, experiences a business transformation, demand for workforce housing is driving attractive pricing for multifamily properties.
With the relocation of Subaru's North America Headquarters here from nearby Cherry Hill, a $1 billion Brandywine Property Trust office complex under development on the waterfront, and more companies expanding through state tax incentives, the Crestbury Apartments, a 392-unit multifamily property in Camden, NJ, has been sold for $34.45 million, just under $88,000 per unit.
Andrew Townsend, Ridge MacLaren, and Clarke Talone, investment specialists in Marcus & Millichap's Philadelphia office, had the exclusive listing to market the property on behalf of the seller, Brick, NJ-based Tryko Partners. The asset was purchased free and clear of debt by an affiliate of New York-based Lincoln Avenue Capital, owner and developer of low-income housing properties nationwide.
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