PHILADELPHIA--(BUSINESS WIRE)--An affiliate of Philadelphia-based real estate investor Philip Balderston’s Odin Properties (“Odin”) announced today that it has sold The Woodland Village Apartments at 401 E Gibbsboro Road in Lindenwold, New Jersey for $32,100,000 in a deal brokered by Eli Rosen and Joseph Brecher of Gebroe-Hammer Associates. Odin purchased the property for $15,875,000 in March 2014.
At acquisition, the two-story garden style asset had a substantial vacancy, physical issues, and various other concerns that discouraged interest in the 546-unit complex from other investors and lenders. Odin purchased the property then known as Coachman Manor and embarked on a massive renovation and repositioning campaign that transformed the 30 building 28.4-acre complex into a thriving workforce housing community. Balderston commented, “Woodland Village is an excellent asset with great scale in proximity to the PATCO Train Station, Philadelphia, and Camden employment hubs. It was the right time to exit for ourselves and our investors given the duration of our ownership and current investment sales climate. We are proud to have successfully worked with the Lindenwold community to resuscitate an important property while keeping rents at levels attainable for working individuals and families.”
About Odin Properties
Odin Properties is an active real estate investor and developer, primarily rehabilitating and repurposing underutilized workforce multifamily assets in the Northeastern and Midwestern United States. It was founded in 2009 to take advantage of real estate investment opportunities arising from dislocation in the capital markets and currently owns and manages a portfolio of approximately 6,000 apartment units in Pennsylvania, New Jersey, Delaware, Ohio, Indiana, Missouri, Illinois, and Tennessee. In April 2018, it purchased the 448-unit Mill Creek Apartments in Memphis, TN, adding to its existing 539-unit Medley Portfolio in the southern city. Odin is currently seeking significant value add acquisition opportunities throughout the Tristate Area and Midwest.