Commercial real estate services firm Cushman & Wakefield, Inc. has completed the sale of Echelon Glen Apartments, an 884-unit community in Voorhees, N.J. Karen Iman, Andrew Merin and Brian Whitmer of the firm's Capital Markets Group represented the institutional seller and procured the buyer, a partnership comprised of Candlebrook Properties, LLC and Angelo, Gordon & Co. The sale price was not disclosed.
"This was a very active listing, generating considerable interest during the marketing and bidding process," said Iman. "From an investment standpoint, the Philadelphia-area multi-family residential market is currently the most active it's been in the past decade. For 2012, the number of units being sold will be more than double the inventory sold last year."
Situated on 56.3 acres in Camden County, Echelon Glen is the largest apartment community in the Voorhees market area. Its 884 units include one studio, 300 one bedrooms, 455 two bedrooms, 108 three bedrooms, and 20 three-bedroom townhomes in four sections, each with its own architectural style. The location is one mile from a PATCO rail station, near the primary commuting corridors of I-295 and routes 30 and 73, and adjacent to the Voorhees Town Center.
The community's amenities include a central lake, a clubhouse renovated in 2011, swimming pool with sundeck, fitness center, business center and open space courtyards. Individual units feature central air conditioning and private patios/balconies.
"As the greater Philadelphia area continues to see high quality, well located opportunities such as this come to market, we are experiencing an increasingly strong response from a growing depth and breadth of investors," said Whitmer.
Cushman & Wakefield's Philadelphia and New York Metropolitan Area Capital Markets Groups specialize exclusively in investment sales of multifamily, office, industrial, and retail properties throughout Pennsylvania, Delaware, New Jersey, New York, and Fairfield County, Conn. The team is currently marketing or has under contract over 2,400 units in existing communities in these markets and has completed more than $16 billion worth of transactions since 2000.