The Kislak Company, Inc. of Woodbridge, NJ has announced the recent sale of Spring Gardens Apartments, a 130-unit garden apartment complex at 771 South East Avenue in Vineland for $18,350,000. Kislak marketed the property on an exclusive basis with executive vice president Joni Sweetwood handling the assignment on behalf of the seller, a longtime client to whom she previously sold other properties in Vineland and elsewhere. Sweetwood also procured the purchaser. The parties were not disclosed.
“This is a well maintained and well performing property with a strong history in a desirable location,” said Sweetwood. “Once we brought it to market, we immediately procured offers from several interested investors and ultimately sold the property for above the asking price, further demonstrating the continued demand for multifamily properties in New Jersey.”
Spring Gardens Apartments is a two-story garden apartment complex with 130 units constructed in 1974. It includes 16 buildings with 64 one-bedroom units and 66 two-bedroom units situated on 13.38 acres. The property offers galley style kitchens, high ceilings, oversized bedrooms, balconies/patios, large walk-in closets, updated kitchens and bathrooms in select units and washer/dryer hookups.