Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, has announced the sale of a two-property, 36-unit, multifamily portfolio in Vineland. The asset sold for $5,525,000.
“We took Vineland Gardens to a broad, regional audience and the positive response we received validated that approach,” said Carson Rooney, associate investments in Marcus & Millichap’s Philadelphia office. “Forty-six groups signed confidentiality agreements over the marketing period, from Philly, New York, and North Jersey. That depth of interest gave the ownership group leverage in negotiations and let us select a buyer for certainty of execution, not just price. The property traded at roughly $153,000 per unit to a North Jersey buyer entering Cumberland County for the first time. This deal underscores the growing appeal of South Jersey workforce housing, especially to capital from the northern half of the state.”
Rooney, in association with Jim McGuckin, the firm’s broker of record in New Jersey, exclusively marketed the property on behalf of the seller and procured the buyer.
The portfolio consists of 54,000 square feet across eight buildings at 508 N. West Avenue and 515 3rd Street. The property at 508 N. West Avenue features six four-unit townhome-style and bungalow-style buildings. The townhomes were built in 1997, while the bungalows date to 1967. The property at 515 S. 3rd Street consists of two six-unit townhome-style buildings built in 1967. All units are two-bedroom apartments with hardwood flooring and on-site parking.
Located within 1.2 miles of one another, the properties are near NJ Route 55, U.S. Route 40, and multiple NJ Transit stops.
Marcus & Millichap, Inc. is a brokerage firm specializing in commercial real estate investment sales, financing, research, and advisory services with offices throughout the United States and Canada. The home office is in Calabasas, CA. Local offices are at 250 Pehle Avenue, Suite 501, Saddle Brook, NJ and 2005 Market St. in Philadelphia.
