Candlebrook Properties LLC, New York, has bought 884 apartments at Echelon Glen, in Voorhees, from longtime owner Union Bank of Switzerland (UBS), for $83 million, according to people familiar with the deal. Candlebrook's financial partner is Angelo Gordon & Co., a former owner of The Inquirer.
Occupancy was above 90 percent, with rents starting around $900 to $1,000 a month, before his group begins "several million" worth of upgrades, Candlebrook boss Neil Rubler told me.
Candlebrook is affiliated with New York City apartment landlord Vantage Properties LLC. The group joined Angelo Gordon last year for a $241.5 million deal to buy 2,200 apartments in Plainsboro, Neptune, and other central New Jersey towns from American International Group (AIG). More on that deal here.
Vantage, founded in 2005 and run by Neil Rubler, has reorganized the New Jersey apartments into its new suburban subsidiary, Candlebrook. The firm also wants to buy apartment complexes in the Philadelphia area, says acquisitions chief Devin Aronstam, who used to work for Phila- delphia-based Lubert-Adler.
"We're not going to turn this into a super-luxury community. This is workforce housing for middle-income families," including IT and engineering staff, "pharma, health care, and commuters to Center City," said Devin Aronstam, Candlebrook's head of acquisitions.
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