|Number of units||308|
|Call for Offers||2022-05-05|
Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire Burrough’s Mill (the “Property”), a 308-unit, value-add apartment community located in Cherry Hill, New Jersey.
Constructed in 2003, Burrough’s Mill is comprised of 308 private entrance apartments, spread across 32 buildings, on 26 meticulously landscaped acres. There are 36 low and moderate income restricted units. The unit mix is a diverse blend of spacious one, two, and three-bedroom apartments, averaging 1,041 square feet.
Burrough’s Mill affords an investor the opportunity to acquire a value-add asset of scale located in affluent, Cherry Hill, New Jersey.
COMPELLING VALUE-ADD OPPORTUNITY
- Current ownership has successfully renovated 13% of the Property, achieving rental premiums of more than $300 above classic units. Today, 232 of the 272 market-rate units remain classic with dated finishes. New ownership is provided an exceptional opportunity to renovate the remaining 232 classic, market-rate units to a luxury scope that will command quantifiable rental premiums.
MULTI-HOUSING SUBMARKET FUNDAMENTALS
- The Cherry Hill/Haddonfield submarket has continued to outperform the rest of the Philadelphia MSA since the onset of the pandemic, as renters have favored well-located suburban communities with expansive amenity offerings. As a result, the submarkets’ vacancy rate was reduced to 2.8% as of Q1 2022, and year-over-year rent growth has surged to 11.8%, which is the largest year-over-year increase in the past decade.
- Burrough’s Mill is conveniently located in Cherry Hill, Camden County, a desirable southern New Jersey suburb located 10 miles east of Philadelphia. The Property is situated just off Route 38, providing direct access to an array of white-collar employers and a magnitude of award winning dining and entertainment options via the NJ Turnpike, I-295, I-95, and Routes 70 and 73.