CHERRY HILL, NJ—San Francisco-based Friedkin Realty Group has entered the New Jersey market, acquiring The Highlands at Cherry Hill Apartments, 1980 Route 70 East, in the Philadelphia suburb of Cherry Hill, NJ. The property is a 170-unit luxury multi-housing asset. The price was not disclosed.
A Holliday Fenoglio Fowler team of senior managing directors José Cruz and Mark Thomson, managing director Kevin O'Hearn, senior directors Stephen Simonelli and Carl Fiebig and director Fran Coyne represented Equity Residential and procured the buyer.
“The property's current occupancy of more than 97 percent combined with its access to retail and superior amenities made it a highly desirable investment for several public and private entities,” Cruz says.
Completed in 2002, The Highlands at Cherry Hill Apartments includes 12 two-story residential buildings housing one-, two- and three-bedroom units. The 97-percent-leased community offers residents a clubhouse with lounge, fitness center, business center, grilling area, resort-style swimming pool with Jacuzzi, valet dry cleaning service and parking available in a mix of direct access, hallway access and detached garages as well as surface spaces. The property is situated on 11.29 acres at 1980 Route 70, a major east-west commercial highway, and is just fifteen minutes from Center City Philadelphia.
The location is convenient to employment drivers in Philadelphia and New Jersey via the New Jersey Turnpike, Interstates 295 and 676, and is close to several high-end shopping destinations, including The Marketplace at Garden State Park and the 1.2-million-square-foot Cherry Hill Mall.
“We were very encouraged by the activity on this transaction,” says Thomson. “Despite the smaller property size of 170 units, the market showed a strong interest from both institutional and private groups. By leveraging our national platform, we procured 27 tours. Ultimately, the deal was awarded to Friedkin Realty, a San Francisco-based firm, and first-time buyer in the New Jersey and Philadelphia MSA. We always take pride in moving new capital to the region as was the case on this transaction.”
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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].
