A private investor, TNJ Properties, has picked up two apartment complexes in for a combined $33.8 million. The properties, the 264 unit Orchard Drive Apartments in Whitehall, PA sold for $15.5 million, while the 268 unit Presidential Court Apartments in Runnemede, NJ changed hands for $18.3 million. Both properties were built in the 1960s, and have been owned by the same party for more than 40 years. Gebroe-Hammer Associates represented both parties during the course of the sale.
“The Lehigh Valley and Philadelphia/South Jersey submarkets are among the region’s top MSAs where millennial-aged/executive-level tenant demand continues to trend upward and is expected to do so for quite some time,” said Adam Zweibel, Gebroe-Hammer Associates’ vice president. “At the time of sale, the buyer had plans to implement capital improvements that will modernize and reposition each of the properties over the long-term.” Zweibel said that Whitehall is considered the fastest growing and third most-populous region in Pennsylvania behind Philadelphia and Pittsburgh.
