Laura's Glen Apartments, Pennington, Salem County, NJ, with Kislak Company senior vice president Barry Waisbrod Laura's Glen Apartments, Pennington, Salem County, NJ, with Kislak Company senior vice president Barry Waisbrod

PENNSVILLE, NJ—Three limited liability corporations associated with Lakewood investor Asher Handler have sold Laura's Glen Apartments, a 10-building apartment complex with 197 units in Pennsville, Salem County, NJ to Capital MG for $14.3 million, or $72,589 per unit.

The Kislak Company marketed the property on an exclusive basis on behalf of the seller Laura's Glen DE1, 2 and 3, with senior vice president Barry Waisbrod handling the assignment. The seller's ownership was identified through Real Capital Analytics, a proprietary research database tracking commercial real estate transactions.

Waisbrod also identified the purchaser, Capital MG.

“The buyer is very active in the southern New Jersey market and sees much opportunity and long-term potential in attractive complexes with smart upgrades and management,” says Waisbrod.

In March 2017, Kislak previously arranged a $12.15 million off-market sale of the property to Handler. Both the current sale and the 2017 transaction are among the largest multifamily deals ever in Salem County.

Built over a two-year period from 1976-1978, the two-storied brick and vinyl buildings feature 144 one-bedroom, 48 two-bedroom, and 4 three-bedroom spacious units with private patio and balconies. A new leasing office and model apartment are also onsite and offer five unique floor plans for the one and two-bedroom units.

Amenities include on-site laundry and storage facilities, 300 parking spaces plus ample off-street parking, a swimming pool and on the interior, fully-equipped kitchens, wall-to-wall carpeting, large closets, and individual central A/C units. Recent upgrades include all new roofs, all new siding, with 65% of terraces having been renovated.

Surrounded by woods and grassy open spaces, the apartments are situated in a scenic area close to schools, local eateries, shopping, wildlife preserves and Fort Mott State Park.

Situated on over 17 acres of land, the complex is located just four miles off the New Jersey Turnpike on Route 49 and is only minutes away from the Delaware Memorial Bridge and 15 minutes from Wilmington, DE.

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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].