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Marcus & Millichap completes multifamily property sale in Camden

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Crestbury Apartments.
Crestbury Apartments. - ()

Commercial brokerage Marcus & Millichap recently announced it has completed the sale of a 392-unit multifamily property in Camden.

The firm’s Andrew Townsend, Ridge MacLaren and Clarke Talone marketed the property, Crestbury Apartments, on behalf of the seller, Tryko Partners.

“The property was part of the RAD (Rental Assistance Demonstration) program and received a new 20-year subsidy contract,” Townsend said. “The seller recently upgraded the flooring, windows, roofs and boilers throughout the property, which made the asset attractive and a great long-term investment.”

An Affiliate of Lincoln Avenue Capital purchased Crestbury Apartments for $34.45 million. The property, located on 18 acres at 2552 South Eighth St., is minutes away from the Walt Whitman and Ben Franklin bridges.

“We are seeing a tremendous amount of interest in well-maintained, workforce housing both market-rate and affordable in South Jersey due to solid economic drivers and its proximity to Philadelphia,” MacLaren said.

Marcus & Millichap said after Tryko Partners invested $3.6 million in capital improvements after it purchased the property in 2013.

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Mario Marroquin

Mario Marroquin

Mario Marroquin covers real estate. A native of El Salvador, Mario is bilingual in English and Spanish. He graduated from Penn State University and worked in Pennsylvania before moving to New Jersey. His email is mariom@njbiz.com.

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