Castle Club Apartments, Morrisville, PA traded for $20 million.
WOODBRIDGE, NJ—Brokerage firm The Kislak Company Inc. reports it has brokered a three-property 1031 like-kind exchange transaction valued at $33 million for three multifamily properties in Highland Park, NJ, Pottstown, PA and Morrisville, PA.
The three-property portfolio transaction included the $5.3-million sale of Ausonia Apartments, a 26-unit multifamily property with two commercial units located at 501-505 Raritan Avenue in Highland Park, located in Middlesex County NJ. The second transaction involved the $8-million sale of of Arbor Grove Apartments, a 104-unit multifamily property located at 957 and 960 Hale St., 941 North Warren and 990 Washington St. in Pottstown (Montgomery County), PA. The third deal was the $20-million sale of Castle Club Apartments, a 158-unit multifamily property located at 254 West Trenton Avenue in Morrisville (Bucks County), PA.
The seller of Ausonia Apartments, and Arbor Grove Apartments, which previously purchased the properties through Kislak in 1999 and 2002, respectively, purchased Castle Club Apartments.
Kislak was engaged on an exclusive basis to sell Ausonia Apartments and Arbor Grove Apartments with vice president Justin Lupo handling the assignments on behalf of Ausonia Apartments Partnership GP and Belmont Apartments Partnership LLC, respectively. He also procured the purchasers of the properties, 501 Raritan Ave LLC and Arbor Grove Realty LLC, and arranged the off-market sale of Castle Club Apartments in order to complete the exchange. The seller of Castle Club Apartments was RRG Castle Club Apartments LP and the purchaser was New Ausonia LLC and New Belmont LLC.
“The sellers of Ausonia and Arbor Grove made a strategic decision to market the properties with us on an exclusive basis, subject to an exchange. Concurrently with our marketing program, it was imperative to leverage our client relationships in order to identify an ideal exchange property,” Lupo says. “The purchasers of Arbor Grove and Ausonia also trusted our ability to complete the sales in a timely manner. The sellers of Castle Club, who also have a long-term relationship with Kislak, understood the importance of satisfying the exchange as the timing provided an opportunity for a quick and quiet disposition of their asset.”
Ausonia Apartments is a five-story mixed use building with 26 residential units, two ground floor retail units and four rooftop cell phone towers. Built in 1950, the property is located in the heart of downtown Highland Park, NJ, within walking distance to an abundance of commercial offerings and Rutgers University’s New Brunswick campus. At the time of closing, Ausonia Apartments was fully-occupied.
Arbor Grove Apartments is a two-story brick garden style apartment complex with pitched roofs containing 104 residential units and 12 garages. Built in 1953, the property is located just 20 minutes from King of Prussia and Exton, PA.
Castle Club Apartments is also a two-story brick garden style apartment complex. The property contains 158 residential units with a mix of one-, two- and three-bedroom units. It is located minutes away from Interstate-95 and the Pennsylvania Turnpike approximately 25 minutes from Princeton, Nj and Center City Philadelphia.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
