Asking Price Contact for pricing
Area Size
NOI Net Operating Income N/A
NIY N/A

Documents

I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. Approval for Deal Room access requires review by our Broker Team. You will be notified by email once your access is granted. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.
I accept the confidentiality agreement I accept the confidentiality agreement
Create an account on the Investor Center to save your search and investment preferences, save and share opportunities, access exclusive documents, and more. More questions? Visit our FAQ. You'll need to sign a Confidentiality Agreement (CA) to access exclusive documents in the Deal Room. Signing the CA means you agree not to divulge or release sensitive information related to this property. More questions? Visit our FAQ.

Attributes

Year Built 2003
Building Area Net
Land Area Net ()
Number of units 308
Occupancy 93.0 %
Call for Offers 2022-05-05

Asset Description

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.

Investment Highlights

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.

DYNAMIC LOCATION

  • 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.
Last Updated Date: 31 Mar 2022

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Last Updated Date: 31 Mar 2022

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