October 23, 2017
An affiliate of Lincoln Avenue Capital paid $34.5 million for the Crestbury Apartments, a property with 392 units in Camden, NJ. That works out to a price of $88,000 per unit.
“We are seeing a tremendous amount of interest in well-maintained, workforce housing, both market-rate and affordable,” said Ridge MacLaren, senior vice president for Marcus & Millichap, who with Andrew Townsend and Clarke Talone marketed the property on behalf of the seller Tryko Partners.
Tryko Partners had bought the property in 2013 and invested $3.6 million in capital improvements, including a new playground and a high-tech security initiative in conjunction with the Camden Police Department.
The property also went through the federal Rental Assistance Demonstration program, which converted rental subsidies received by residents to a new, consistent stream of project-based Sec. 8 subsidies with a new 20-year contract.
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