Kislak Completes $13.5 Million Sale of Glen Brook Apartments
WOODBRIDGE, NJ — The Kislak Company, Inc., the dominant investment real estate sales firm in the tri-state region, announced the $13,500,000 sale of Glen Brook Apartments, a 174-unit apartment complex with three commercial spaces in Glenolden, Pennsylvania. Vice presidents Andrew Jonas, Barry Waisbrod and Matt Weilheimer and president Robert Holland coordinated the sale of the property exclusively on behalf of a New York Stock Exchange publicly-traded REIT to a private investor.
Glen Brook Apartments was built in 1964 and consists of 174 upgraded and well-maintained units in 14 three-story brick buildings. Over 70% of the units have at least two bedrooms and every unit is a corner unit. Tenants are responsible for utilities.
The property is located in the Philadelphia suburb of Glenolden in Delaware County immediately opposite one of the highest-rated elementary schools in the county. The proximity to the school is a significant draw for tenants.
“Our team did a fantastic job marketing the property, generating tremendous interest among well-qualified investors and selling it,” said Jonas. “The seller engaged Kislak on an exclusive basis and the sale marked our 11thsuccessful transaction together. The seller also realized the highest price per unit for any multifamily property sold in Delaware County.”
“The market for multifamily properties remains extremely strong in and around Philadelphia,” added Holland. “Glen Brook Apartments has a high occupancy history in a very sought-after market, which made it especially attractive to investors. The seller considered 10 offers.”
Financing was provided by Spencer Savings Bank. At the time of closing, the property was 95% occupied.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is recognized as the dominant investment sales company serving the multifamily and retail markets. Established in 1906, Kislak’s market leadership position and longevity is due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s 25 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 107th year, Kislak was among a select group of firms recognized as a 2012 Power Broker by CoStar Group, Inc. for multifamily sales transactions in northern New Jersey and this was the firm’s sixth consecutive recognition.
For more information about The Kislak Company, please contact Jason Pucci, chief operating officer, at (732) 750-3000 or firstname.lastname@example.org, or visit www.kislakrealty.com.