A 108-unit multifamily property in Vineland, New Jersey, was sold for $12 million, according to an announcement from The Kislak Company.
The property, known as Park Towne Apartments, is situated at 51 West Chestnut Avenue. Built in 1952, it comprises nine buildings on a 2.31-acre site. The property features 63 one-bedroom units, 36 two-bedroom units, two additional two-bedroom units with terraces, and a rental office. Each apartment includes air conditioning, modern kitchens, hardwood flooring, and access to high-speed Internet. Community amenities include on-site parking and laundry facilities.
Kislak exclusively marketed the property on behalf of its longtime client, Park Towne Apts, LLC. The transaction was overseen by Joni Sweetwood, Kislak’s executive vice president, who also represented the buyer, Park Towne Apartments, LLC, an affiliate of a longstanding client.
Sweetwood noted, “This property presented a compelling opportunity to acquire a fully occupied and well-performing asset in a robust rental market. Our marketing efforts generated significant interest, and the buyer’s familiarity with the area facilitated a seamless transaction despite financing challenges stemming from fluctuating interest rates.”
The property’s central location offers proximity to schools, shopping centers, and public transportation. Vineland, a city in southeastern New Jersey with a population of approximately 60,000, is located 40 miles south of Philadelphia and 45 miles west of Atlantic City.
The transaction was financed through Fannie Mae.
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By Proptechbuzz
By Ravi Kumar
