N.J. multifamily deal tops $51 million

Buyer plans to rename asset

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A 970-unit apartment complex in Gloucester Township, N.J., has sold to an investor and will be rebranded, brokerage Kislak Co. Inc. announced. The Fountainview Village Apartments at 1501 Gloucester Road commanded a price of $51.5 million, and were sold by Fountainview Village LP. The apartment complex will be rebranded by the new owners, whose identities weren't disclosed, as Autumn Ridge Apartments. Fountainview is situated on 52 acres and comprises 22 three- and four-story garden-style apartments with Mansard roofing. Studios and one-, two- and three-bedroom units are offered at the complex. Amenities include a fitness center, clubhouse and an Olympic-sized swimming pool. At the time of closing, the property was 80 percent occupied. ...