A.J. Sussman Company on Thursday said it sold a multi-family apartment complex in Franklin Township for $5.1 million. The sale closed on July 2, within 95 days of going under agreement, at a 6% cap rate based on the proforma. The Buyer is planning to renovate and upgrade the property over the next 24 months.
Located at 981 N. Delsea Drive, the fully occupied community with 48 residential and three commercial units was off the market and under agreement within two weeks. This site, which sits on approximately 3.0 acres, was built in the 1960s and has septic and well water for each unit – due to its location in the New Jersey Pine Lands that alone is very rare.
Firm principal, Alan Sussman, represented the seller and long-time owners who had maintained current rents 10% below market with 100% occupancy.
“I cannot say enough about my client. Being the only complex of this nature in the township, it was a ‘hot’ investment opportunity but the former owner’s meticulous attention to detail and industry knowledge greatly helped close the deal in record-breaking time. I am proud to have helped make it happen,” Sussman said.
