Multifamily community in Mount Laurel, New Jersey trades for $80M

PHILADELPHIA, July 2, 2024 - JLL Capital Markets announced today the $80 million sale of Mount Laurel Crossing, a 296-unit apartment community located in Mount Laurel, New Jersey.

JLL represented the seller in this transaction, while Colony Hills Capital, based in Wilbraham, Massachusetts, and Balfour Beatty acquired the multifamily asset.

Mount Laurel Crossing, built in 1999, is currently at 98% leased, offering a diverse selection of one-, two- and three-bedroom units, with an average size of 944 square feet. Residents of Mount Laurel Crossing enjoy a range of amenities, including a resort-style swimming pool, an outdoor lounge area with a fire pit, a dog park, a clubhouse with a business center, detached garages, a 24-hour fitness center and BBQ grills. Tenants are also within walking distance of the community association's park, which offers tennis courts, pickleball courts, basketball courts, a baseball field, an open field and a children's play area.

Conveniently located at 1 Larchmont Place, the property also provides superior access to major employment hubs and entertainment destinations with close proximity to major roadways serving South Jersey, such as Routes 38, 70, 78, Interstate 295 and the New Jersey Turnpike.

Additionally, Mount Laurel and the Burlington County submarket have consistently demonstrated strong rental performance in recent years. The submarket's robust fundamentals are further bolstered by the presence of prominent regional employers such as Joint Base McGuire-Dix-Lakehurst, TD Bank, Freedom Mortgage, Automotive Resources International and more.

"We are thrilled to add this community to our multifamily portfolio. Mount Laurel Crossing's neighborhood appeal coupled with the economic diversity and strength of the greater MSA makes this a perfect fit for our investment strategy," said Lisa Daily, SVP of Multifamily Acquisitions for Balfour Beatty.

The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Directors Fran Coyne, Carl Fiebig, Mike Oliver and Jose Cruz alongside Senior Director Samantha Kupersmith and Director Tyler Margraf.

"We are thrilled to have facilitated the $80 million sale of Mount Laurel Crossing," said Coyne. "This transaction underscores the strong desirability of the Mount Laurel submarket and the appeal of well-maintained, amenity-rich multifamily properties."

"The opportunity attracted a diverse mix of private and institutional capital, resulting in a highly competitive sale process," added Fiebig.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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