West Hartford-based Hirschfeld Properties has teamed up with a New York investment group in a $100 million joint venture for a New Jersey apartment complex.
Hirschfeld and Dubai Investment Group Real Estate of New York City have formed DIG-HP Cherry Hill Operating LLC to acquire Landmark Apartments in Cherry Hill, N.J.
Landmark is a 544-unit multi-family rental community with two 18-story buildings and 21,647 square feet of commercial space on 24 acres of land. The property will be rebranded as The Grand Apartment Homes.
$26M Renovation
“We look forward to restoring this storied property,” said Jeffrey Hirschfeld, president of Hirschfeld Properties.
The new joint venture will immediately begin a comprehensive renovation of the property, Hirschfeld said. The capital improvement program, which will be overseen by Hirschfeld Properties, will include new elevators and lobbies and a new clubhouse that will house business offices and a fitness center for residents. The estimated cost of the renovation is $26 million.
Hirschfeld Properties will provide the property management at the complex, which was sold by NJ Cherry Hill LLC of New York. Holliday Fenoglio Fowler represented the joint venture in the deal and arranged the financing through its New York office.
Connecticut Deals
There are three Connecticut properties that Hirschfeld Properties is currently developing, including a 196-unit rental apartment community in East Windsor and The Boulevard Shops in West Hartford.
Dubai Investment Real Estate Group is a subsidy of Dubai Investment Group. Anthony Juliano, its managing director, said the deal was part of the company’s global investment strategy.
“The opportunity to acquire and implement a vigorous capital improvement program on a well-positioned but under-performing property was very attractive,” Juliano said in a statement.
