EMPIRE REALTY INVESTMENTS IS PART OF JOINT VENTURE GROUP’S $51 MILLION PURCHASE OF SOUTH JERSEY APARTMENT COMPLEX
- PHILADELPHIA (Jan. 3, 2008) -- Empire Realty Investments was part of a joint venture group that recently closed a $51 million deal to purchase the 980-unit Autumn Ridge Apartments in Blackwood, N.J. The 25-year-old property has a rentable building area of approximately 800,000 square feet and encompasses 52 acres. It is located at 1451 Little Gloucester Road in Blackwood.
"For a variety of reasons, Autumn Ridge Apartments has experienced a high vacancy rate over the years. However, because of its phenomenal location, well-built construction, and complete community amenity package, including a fitness center, clubhouse, Olympic-sized swimming pool and two tennis courts, we saw a significant opportunity to enhance the value of the property by investing in upgrades and professional management,” explained Michael Pearlstein, president of Empire Realty Investments.
The joint venture group purchased Autumn Ridge Apartments from Fountainview Village LP.
Empire Realty Investments, Inc., has acquired and managed approximately 3,500 units, 4 million square feet and 1,000 acres of retail, office, multi-family and residential properties throughout the metropolitan Philadelphia area and in 15 states across the country. For more information about Empire Realty Investments, Inc., visit www.empirerealtyinvestment.com or call 215-232-5400.