Friedkin Realty Group has purchased the 170-unit apartment complex, The Highlands at Cherry Hill Apartments, from Equity Residential, brokerage HFF announced Wednesday.
The brokerage’s senior managing directors Jose Curz and Mark Thomson, managing director Kevin O’Hearn, senior directors Stephen Simonelli and Carl Fiebig, and director Fran Coyne comprised the investment team representing Equity Residential.
“Completed in 2002, The Highlands at Cherry Hill Apartments comprises 12 two-story residential buildings housing one-, two- and three-bedroom units,” HFF said in a news release. “The 97 percent-leased community … is situated on 11.29 acres at 1980 Route 70, the area’s premier commercial thoroughfare, and is just fifteen minutes from Center City Philadelphia.
“This affluent suburb with a 2017 average household income of more than $117,000 is convenient to employment drivers in Philadelphia and New Jersey via the New Jersey Turnpike, Interstates 295 and 676, and is close to several high-end shopping destinations, including The Marketplace at Garden State Park and the 1.2-million-square-foot Cherry Hill Mall.”
Financial terms for the transaction were not disclosed.
HFF’s Cruz said the high occupancy of the property coupled with its proximity to retail made the asset highly desirable for several public and private entities.
“Despite the smaller property size of 170 units, the market showed a strong interest from both institutional and private groups,” Thomson said in a news release. “By leveraging our national platform, we procured 27 tours. Ultimately, the deal was awarded to Friedkin Realty, a San Francisco-based firm and first-time buyer in the New Jersey and Philadelphia MSA. We always take pride in moving new capital to the region as was the case on this transaction.”