Jones Lang LaSalle

Apartment Complex Trades for $21M
By Eric Peterson
Last updated: February 2, 2006 10:01am

(To read more on the multifamily market, click here.)
LINDENWOLD, NJ-An unidentified buyer acquired Stonington Court Apartments, a 456-unit complex in this metro Philadelphia community, for $20.8 million. The sale price factors out to about $45,614 per unit.

The sale was arranged by Robert Holland, senior vice president and co-managing director, and vice president Matthew Weilheimer of the Kislak Co., Woodbridge, NJ. The duo represented both the seller, Stonington Court Apartments Association LLC, and the buyer.

Built in the early 1970s, the garden-style complex’s 456 units are spread over 24 buildings and the site includes a clubhouse and a pool. The property is currently 90% occupied, according to Holland. “New Jersey continues to experience unprecedented demand for multifamily properties.”