Odin Properties has sold Woodland Villages Apartments in Lindenwold, New Jersey,
for $32.1 million. The name of the buyer was not disclosed. The property features 546 units in 30 buildings. Odin acquired the property, previously named Coachman Manor, in May 2014 for $15.9m from the Goldstone Group. The company invested around $20 million to upgrade the property, which is currently 98.5 percent leased.
“Odin replaced the kitchens and bathrooms in the vast majority of the units, replacing the original 1960s-era kitchens that made the apartments very difficult to rent with n ew modern-look kitchens, bathroom vanities, flooring and appliances,” said Philip Balderston, founder & CEO of Odin. “In addition, Odin made substantial improvements to the landscaping, site work and parking lots throughout the 28.4-acre site, improving the asset’s curb appeal with a new branding package.”
