The newly constructed three-story apartment complex at Mi Place at Rancocas, situated on five acres, recently sold for $33,600,000. The Kislak sale was for the newer 108 units, and the sale of the remaining 232 units is pending in early 2025. Phase 1, comprising 232 units, was built in 2015, and Phase 2 added 108 units, which were completed in 2022.
Kislak Company, Inc. EVP Barry Waisbrod handled the deal for the Mount Holly property, representing the seller, multiple affiliates of Fernmoor Homes, a longtime client, and the purchaser, affiliates of California-based Universe Holdings.
“Following completion of the property, the seller sought to execute its sales strategy, and we procured a purchaser eager to add to its East Coast portfolio. There were various complexities with the transaction and each party and their teams worked diligently to resolve them until closing,” noted Mr. Waisbrod.
The 108-unit transaction includes 48 one-bedroom apartments, 48 two-bedroom apartments and 12 three-bedroom apartments. All units feature modern kitchens and bathrooms, washers and dryers, walk-in closets, and individual balconies. Shared amenities across both phases of the complex include a pool with clubhouse, sundeck, parking, business center, fitness center, lounge, billiard room, dog park, and parking. 25 miles from downtown Philadelphia, the Burlington County property is close to the Turnpike, Routes 206 and 38, and I-295. Dining, entertainment and shopping are steps away in downtown Mount Holly.
The Kislak Company, Inc., headquartered in Woodbridge and founded in 1906, is a leading commercial real estate brokerage firm. Their client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm provides market coverage throughout New Jersey, New York, Pennsylvania, Delaware, and Florida.
