The Plaza Grande apartment complex, part of a Cherry Hill housing development that took almost two decades to complete, is now on the market.
The apartments in the 55+ housing complex near the former Garden State Park Racetrack were listed for sale last month, as first reported by the Philadelphia Business Journal. The 507 rental units across 16 buildings are located just south of the Cherry Hill Mall between Routes 70 and 38 and were completed last year.
The residential Plaza Grande at Garden State Park was the last piece of a $1 billion redevelopment of the former Garden State Park horse racing track and surrounding area. The mixed-use complex spans hundreds of acres and is known for Wegmans, Trader Joe’s, restaurants, and other stores.
Home construction at the 34-acre Plaza Grande portion began in 2007, and 101 condos were built. But several builders failed to finish the project in the face of hurdles that included the Great Recession and lawsuits.
A few years ago, New York-based investor and developer William “Billy” Procida stepped in. He completed construction on the remaining 283 of the 507 apartments last summer, and the units are now 80% leased.
And it’s time to sell, said Procida, president and CEO of Procida Funding & Advisors.
“We’re not in the business of holding property,” he said. “But this one, I put so much blood, sweat, and tears in it, it’s a hard one to let go.”
He said he’d like to find a buyer “who’s going to treat it really nice.”
Offers are due in a month, said Samantha Kupersmith, senior director at JLL Capital Markets, which is handling the sale. The property listing does not include an asking price, as is generally the case for properties JLL handles, she said.
The property is in “such a good location with a lot of scale,” which makes this “a unique deal,” Kupersmith said.
The Plaza Grande, the listing says, “capitalizes upon the large and growing demand for rental housing from aging Baby Boomers.”
One- and two-bedroom apartments at the Plaza Grande are currently available starting at $2,200 and $2,800 per month, respectively. Five three-bedroom apartments started at $5,500 but all are leased.
The property has an 18,500-square-foot clubhouse and offers programming such as cooking and fitness classes, concerts, and wellness events. Condo owners and renters have access to amenities that include a movie theater, a gym, tennis and pickleball courts, indoor and outdoor pools, and indoor golf.
Procida’s company announced last month that it had chosen Millstone Property Management to oversee operations at the apartment complex starting March 21. Millstone Property Management specializes in managing multifamily properties across Pennsylvania, New Jersey, Delaware, and Florida.
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