The Crestbury, a 392-unit apartment community in Camden, N.J. has changed hands in a $34.4 million sale to Lincoln Avenue Capital. Built on an 18 acre site in 1950, the 50 building community offers 172 one-bedroom and 220 two-bedroom units. Located at 2552 S. 8th St., the asset changed hands for just over $87,755 per unit. The property was also subject to a 15-year permanent loan of $14 million, originated by Wells Fargo Bank in 2013, when the buyer bought the complex. Marcus & Millichap represented the seller, Tryko Partners. Prior to selling the asset, Tryko Partners invested $3.6 million in capital improvements. “The property was part of the Rental Assistance Demonstration program and received a new 20-year subsidy contract. The seller recently upgraded the flooring, windows, roofs, and boilers throughout the property, which made the asset attractive and a great long-term investment,” said Andrew Townsend, Marcus & Millichap.
