A two-property, 36-unit multifamily portfolio in Vineland has sold for $5,525,000 to a North Jersey buyer entering Cumberland County for the first time, according to Marcus & Millichap, which brokered the deal.
Carson Rooney, an associate at Marcus & Millichap’s Philadelphia office, along with Jim McGuckin, the firm’s broker of record in New Jersey, exclusively marketed the property, known as Vineland Gardens, on behalf of the seller and procured the buyer.
“We took Vineland Gardens to a broad, regional audience and the positive response we received validated that approach,” Rooney said. “46 groups signed confidentiality agreements over the marketing period, from Philly, New York and North Jersey. That depth of interest gave the ownership group leverage in negotiations and let us select a buyer for certainty of execution, not just price.
“The property traded at roughly $153,000 per unit to a North Jersey buyer entering Cumberland County for the first time. This deal underscores the growing appeal of South Jersey workforce housing, especially to capital from the northern half of the state.”
The portfolio spans 54,000 square feet across eight buildings at 508 N. West Ave. and 515 3rd St. The West Avenue property includes six four-unit townhome- and bungalow-style buildings, with the townhomes built in 1997 and the bungalows dating to 1967. The 3rd Street property consists of two six-unit townhome-style buildings, also built in 1967. All units are two-bedroom apartments with hardwood flooring and on-site parking.
The two properties sit within 1.2 miles of each other, near State Route 55, State Route 40 and multiple NJ Transit stops.
