Real Estate New Jersey reported on March 3rd that Samuel Geltman & Co., the owner of a portfolio of garden apartment complexes in New Jersey and Pennsylvania, has listed them for sale. The portfolio involves approximately 3,700 units in 14 communities, including three in Conshohocken and Plymouth Meeting.

The three local apartment communities are:

Plymouth Gardens at 1300 Fayette Street in Conshohocken (Plymouth Township)
Plymouth Park at 1700 Butler Pike in Conshohocken (Plymouth Township)
Sussex Square at 515 Plymouth Road in Plymouth Meeting (Plymouth Township)

The three communities are older stock apartments that date back to the 1970s and 1980s.

A key line in the article attributed to CBRE, the commercial real estate brokerage representing the buyer, is that “the 3,683-unit portfolio is 98 percent occupied with 29 percent below-market rents on average, leaving major upside for a would-be buyer.”

You can read the full article here.

Photo: Google